Empirical Analysis On Influencing Factors Of Capital Structure Of The Technological Small-Middle Enterprises

Basing on the listed companies on GEM and combining with the capital structure theory and the realistic characteristics of the sample enterprises, This article make statistical induction and empirical research to current situation and characteristics of capital structure and restriction of capital structure choice and influencing factors of China’s technological small-middle enterprises(Technological SMEs), and providing some advice to optimize the capital structure of the enterprises.What the enterprise capital structural theory study is how enterprises should arrange capital structure during their development or contraction stage,that is, how the enterprise should determine its own capital, equity capital and debt capital ratio for the sake of its market value maximization.Capital structure theory has attracted extensive discussions and researches since Modigliani and Miller advanced the foundation theory of modern Capital structuretheory-MM theorem in1958.China’s growth enterprise market was established lately, given the lack of data limitations, the research are relatively seldom on the characteristics and influencing factors of the capital structure of technological small and middle enterprises. Assets and Business structure of Technological SMEs are single, characteristics of innovation and entrepreneurship are obvious.Behind the high growth and high-yield,there is often hidden with high technical risk, market risk and financial risk. The capital structure of such enterprises is not only contrary to the general enterprise, but also significantly different from the general SME. Because capital structure related to the company’s financial stability and corporate value, studying the capital structure of technological SMEs carefully and finding out the main influencing factors and characteristics and laws of the capital structure, are very important significance for helping technological SMEs to realize sustainable healthy development. The existing literature shows that, the domestic scholar about the study of effect factors of China’s related enterprise capital structure who make the static regression analysis by using more simple cross section. However, the nature of the capital structure is dynamic, within the framework of a dynamic analysis should be more in line with the intrinsic characteristics and requirements of the capital structure.This paper first to the research literature of capital structure and related theory make the carefully combing and evaluation, followed by an objective in-depth analysis of Capital Structure and characteristics of the sample enterprises. Then based on financial data of the sample enterprise, this paper to the correlation of enterprise capital structure (the asset-liability ratio) and the influence make a empirical analysis by using the panel data model, finally put forward countermeasures and suggestions to optimize the small and medium-sized technology enterprises based on analyzing the empirical conclusions carefully.Specifically, This paper is divided into the following chapters:First chapter, Introduction. This part mainly introduced the Significance of this article, ideas research of the research, the innovation and areas that need to be improved. Second chapter, theoretical basis. This article emphatically introduces to the theory-MM, the trade-off theory, agency theory,signal transmission theory,pecking order theory, financing cycle theory,corporate control theory. Third chapter, the present situation analysis of capital structure. A case of listing of the enterprise of GEM, This chapter has analyzed the capital situation of the small and medium-sized science and technology enterprises.These descriptive statistics from financing order, financial leverage and debt aspective. Fourth chapter, the empirical analysis of capital structure influencing factor. This chapter has mainly analyzed the influence factors(including enterprise scale,pays off adebt ability,profit ability,transport business efficiency and asset structure)of technological SME. Fifth chapter:the proposal.The specific contents include:enterprise scale,pays off adebt ability and the profit ability have significantly negative correlation with the enterprise capital structure;And there is a significantly positive correlation between transport business efficiency and the enterprise capital structure. Asset structure has a significantly positive correlation with the enterprise capital structure. low debt ratio or high equity ratio is adapt to the financing structure of technological SMEs.Therefore,from financial robustness consideration,Technological SMEs has a strong preference for equity financing and commercial credit financing. Opening channels of equity financing,increasing the quantity of financing and improving environment of the commercial credit financing have great significance for technological SME to get rid of financing difficulties and realize the sustainable and healthy development.