The Empirical Study Of The Relationship Between Capital Structure And Performane Of High-tech Enterprises Of Jiangxi Province

In recent years, high-tech industry within the scope of the global has been rapiddevelopment. high-tech industry has increasingly become a pillar industry in theeconomic development. high-tech industry is a new engine to enhance thecomprehensive national for the world. Therefore, the development of high-techenterprises which have core intellectual property is the key for economic development.improving Operating Performance of high-tech enterprises, expanding the scale ofhigh-tech enterprises, and taking advantage of the enterprise scale, can helpenterprises become bigger and stronger, so that we can achieve the goal of rapideconomic development and improve the core competitiveness of the region. In thiscase, in order to achieve economic development by leaps and bounds of JiangxiProvince, we must accelerate the development of high-tech enterprises, and improveoperating performance of high-tech enterprises in Jiangxi Province. The capitalstructure of the enterprise not only affects the cost of capital, but also have an impacton the enterprise’s overall operating performance indirectly, by affecting the internalgovernance structure and business activities of enterprises.In this context, this paper reviews the research of the operating performance ofhigh-tech enterprises, capital structure of high-tech enterprises and and therelationship between capital structure and operating performance. We also make asummary analysis of the status and development of high-tech enterprises andinvestigate the problem of the development of high-tech enterprises in Jiangxi. Thenwe select more than300high-tech enterprises’ financial data in Jiangxi from2010to2012as the study sample, and make the statistical analysis and correlation regressionanalysis of the Relationship Between CaPital Structure and Performane of High-techEnterprises of Jiangxi Province.The empirical results show that the correlationbetween capital structure and enterprise performance of high-tech enterprises inJiangxi is positive. But the type of high-tech enterprises is different, the influencebetween capital structure and enterprise performance is also different. The correlationbetween capital structure and enterprise performance of Opto-Mechatronics high-techenterprises is negative; The correlation between capital structure and enterpriseperformance of the other high-tech enterprises is positive. The correlation betweencapital structure and enterprise performance of State-holding high-tech enterprises is negative; The correlation between capital structure and enterprise performance of theother high-tech enterprises is positive. The correlation between capital structure andenterprise performance of large-scale high-tech enterprises is negative; Thecorrelation between capital structure and enterprise performance of the otherhigh-tech enterprises is positive.Finally, based on empirical findings, we raise four-point propositions to improvethe operating performance of high-tech enterprises in Jiangxi. optimizing the capitalstructure for improving enterprise performance; improving profitability; broadeningthe financing channels, and developing the bond market; improving bankruptcymechanism.