| In the process of development of the world economy, the information technology industry is one of the most rapid developing industries. This paper selects the panel data of the information technology industry corporations in2010to2012in the stock markets of Shanghai and Shenzhen. Through empirical method to study the technology industry information listed corporations in assets specific, corporate value and capital structure of the relationship between the three, from the assets special perspective explain the impact of the capital structure of high tech enterprises, and promote the enterprise competition ability. Through the analysis of the related theory, established two research model, unit root tests were performed on the sample data (ADF test, LLC test, Hausman test), using a fixed effects and generalized least squares (Pooled EGLS) method of fitting regression model. The result is, China’s information technology listing Corporation at the present stage, the capital structure is positively related to asset specificity, capital structure is positively related to firm value; the specific assets investment has a negative impact on the enterprise value, show a negative correlation between asset specificity and enterprise information technology listing corporations’ present value.In this study, as information technology listed corporations provides empirical conclusions in the study of the relationship between asset specificity, at this stage of the capital structure and the enterprise value among the three, further application of transaction cost economics of transaction cost, governance structure and the capital structure theory of knowledge. Research findings show that, enterprise in the capital structure decision-making, factors, should consider the specific asset investment in long-term development strategy and the goal of enterprise financial management, to improve the ability of strategic management of resources in general. |
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