| Hi-Tech enterprises have the advantages of low investment, short cycle, low administrative cost and products which in accordance with market demand. These enterprises grow up rapidly since1980s and have huge influence on the country’s economic growth. However, Hi-Tech enterprises have unreasonable financing structure and some financing problems, which have restrictions on the growth of Hi-Tech enterprises. Hence, the correlativity between firm financing structure and the growth of Hi-Tech enterprises becomes the core research direction of researches about Hi-Tech enterprise, which is worth to study.Based on the background and theoretical analysis about the mechanism of firm financing structure’s influence on the growth of Hi-Tech enterprises, this paper choose140Hi-Tech enterprises from Zhejiang listed companies and62Zhejiang Hi-Tech enterprises from China’s SMEs board as research samples, and empirically analyze the influence of internal financing, equity financing and debt financing on the growth of Zhejiang Hi-Tech listed companies. The regression methods that this paper use are OLS, quantile regression and fixed effects estimation.The theoretical analysis and empirical studies show three main conclusions. Firstly, internal financing has significant positive effects on the growth of Zhejiang Hi-Tech listed companies as a whole, has stronger positive effects on companies which in the stage of contraction, but has no significant influence on high-growth Hi-Tech enterprises. Secondly, equity financing has significant negative influence on the growth of Zhejiang Hi-Tech enterprises from China’s SMEs board. Thirdly, debt financing has a correlation with the growth of Zhejiang Hi-Tech enterprises from China’s SMEs board, which is significantly negative when it comes to short debt financing and significantly positive when it comes to long debt financing. The paper also propose some policy suggestion. |
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