A Research On Asset Specificity To Capital Structure In The High-tech Companies

Since reform and opening up, China’s rapid economic development, look nearly 30 years of development, All walks of life all play an important role on the development of economy, especially high-tech enterprise, it changes to the enterprise technology improve plays an important role. Is based on the high-tech industry in the development of national economy, the importance of this article choose from high-tech companies, the study of capital structure and the key influencing factors of capital structure, asset specificity, and discusses the relationship between, it is has a promoting effect to the development of enterprises.For enterprise operators and managers, in the process of enterprise development, must face a lot of decision-making behavior, in many behavioral decision, how to make the enterprise to optimize the capital structure is one of the crucial problems. The company’s capital structure through the company’s growth course, it is of great strategic significance. Based on the importance of capital structure, this article through the theoretical and empirical analysis, studies the influence factors of capital structure, allowing companies to optimize the capital structure, this for a up to financial analysis, is particularly important.With the rapid development of the corporate finance theory, since the 1980 s, the company’s financial study slowly use transaction costs related theory. Based on the existing transaction costs theory of the development of reading, the author found that enterprises in the capital structure decision, should be a full range of weighing the impact of asset specificity. Analysis of this paper is the transaction cost theory as a foundation, based on the selection and high-tech enterprises as samples, the empirical analysis to explore internal specificity of assets to the changes in the composition of capital, hope that through this article research to our country high-tech companies provide rationalization proposal how to build the capital structure.In this paper, the research framework is as follows: the first part is the preface parsing of the article, this part as the beginning of the article, analyzes the article is under the background of what kind of research, this paper studies how what significance, this paper is how to write, what kind of research method, this paper launches the thesis writing, and in general has proved to writing framework of this article; The second part is literature review and the review, the literature includes the study of factors affecting capital structure at home and abroad, the asset specificity of literature research, research on the impact of asset specificity on the capital structure literature, at the same time, according to the existing literature was reviewed. The third part is the introduction to the theory of capital structure influencing factor of high-tech company for, this part of the paper the theory of knowledge, made clear in this paper, the concrete implementation of the capital structure, asset specificity, and reveal the influence of capital structure in different aspects, at the same time this paper how to analyses the degree of specificity of high-tech companies; The fourth part is the analysis of the theory part and the paper according to the theory of hypothesis, this part mainly revolves around the theory of transaction costs to the enterprise asset specificity and capital structure mainly deals with the relationship between both, at the same time, based on the theory analysis, summed up the three research hypotheses of this article; The fifth part is the empirical analysis, this part includes the selection of the sample data and source, and the establishment of research variables and the regression model, finally using empirical analysis method to the paper puts forward the hypothesis of testing; The sixth part is the research conclusions, this paper specifically, research conclusions are based on the empirical results show the fifth part, based on the research conclusion of this paper at the same time, proposes relevant Suggestions.From the point of academic research situation, scholars are valued asset specificity and capital structure research, research is gradually, but as for this study, in this paper, we study is different from other scholars research part. Is the difference between part of this paper has made the analysis of two points: first, although the capital structure problem is being attention and understanding, many scholars and the related research conclusions, but the current research on high-tech companies this new industry also is less, the conclusion for this study is less, this paper selected the research object is the high-tech companies, high-tech companies have stronger asset specificity, thus making the structure more apparent in the empirical analysis; Second, compared with the capital structure research, the asset specificity of the late start of the asset specificity is with the birth of the transaction cost theory was the scholars attention, and from the existing academic, for the degree of asset specificity of how to measure and there is no clear definition. In this paper is on the basis of predecessors’ research results, based on high-tech industries in China, combined with the characteristics of the high-tech companies have at the same time, choose three financial indicators to measure the asset specificity of high-tech company. This paper studies using the combination of theoretical analysis and empirical analysis, hope that the research conclusions can be the development of high-tech companies in China have a certain role in promoting, also can have certain model function to the development of other industries.