The Relationship Research Between Technology Innovation Value And Capital Structure Of SME In Heibei Province

The research of enterprise value and capital structure has been the focus of attentionof scholars at home and abroad. Foreign scholars research the relationship between thetwo mostly from traditional capital structure and balance theory, while the domesticscholars directly address the monotonic relationship, mainly on the basis of the classicaltheory, and then refer to optimize capital structure, enhance the enterprise value. Theclassical theory of capital is already quite mature, so it needs to find new chance point totalk about the two relationships.First of all, this paper elaborates the research background and the significance. Thenthrough reviewing the technology innovation value、 finance and capital structurerelated research achievement at home and board, from strategic perspective, it analysis therelationship between technology and capital structure.Secondly, based on the research of technology innovation of small and mediumenterprises, defining SME technological innovation value concepts, regarding thetechnical innovation value is determined by the integrated form of the material value andspiritual value. After the analysis, this paper thinks the technology innovation of SMEvalue mainly embodies on the economic value, which measured by innovation output.Then, building SME technology innovation and finance structure models illustratethe two coupling relationship. Through the SME technology innovation of Hebei province,after the data arrangement, combined with elements of strategy, namely the innovationability and the environmental factors, this paper researches the financing structure andtechnological innovation value effect. Subsequently, it also focuses on the studies ofinteraction among the environmental dynamism, innovation ability and capital structure,and then talks about the influence of the relationship.Finally, it puts forward the conclusion, that in these factors influencing theinnovation output, the basic role of innovation resources have been confirmed, capitalstructure not only influence the intensity of innovation, but also indirectly stimulate theinnovation output. The key elements for innovation are innovation organization, R&Dinput lag and cumulative characters are very obvious, and optimization efforts of their own environment is not enough, which did not achieve the positive effect on innovation output.According to the conclusions of this paper, from the strengthening of the small andmedium-sized enterprise oneself construction, efforts to improve the financial servicesystem, the establishment of the stratagem cooperation, optimize the social environmentsome suggestions are proposed to strengthen enterprise intellectual property managementin five aspects.