Study Of High-Tech Enterprises Capital Structure Optimization

The research of capital structure started from MM theory, witch advanced for more than half a century, and capital structure theoretical framework has preliminary formated. As a important and complex financial economics issue, the research of capital structure has not reached to the deep of different types of enterprises, which limited the guiding role of theory to practice. As the core of knowledge economic era, high-tech enterprise increasingly becomes the main power to the promote of economic development. Doing research on the characteristics and optimization of high-tech enterprise capital structure could promote the healthy and sustainable development of high-tech enterprise, and has a positive theory value and economic significance. This paper is trying to explore high-tech enterprise capital structure and its optimization, and wish high-tech enterprise to make full use of financial leverage, and control liability in a reasonable range, thus to reach the optimize goal. Making the research restricted to high-tech enterprise can find its different to normal enterprise, and can make the conclusion more pertinence.This paper investigated77high-tech enterprises, and use empirical analysis to find the character of high-tech enterprise capital structure. It is found that the percent of liability in high-tech enterprise is lower than normal enterprise, and the percent of current liability is higher than non-current liability. There are few enterprise use corporate bond and its internal financing ability is short. Multiple regression analysis is used to find the relationship between capital structure and its affect factors, that include profitability, growth, enterprise size, tax level, and the high-tech factors, like R&D input, public subsidy, technical staff ratio and patent output. The goal of enterprise has changed from production value maximization and profit maximization to enterprise value maximization. Using enterprise value maximization has the advantage that encourage enterprise to produce value. Then the model of enterprise value is build, it find that between capital structure and enterprise exist opposite U relationship. So the optimization should refer to the theoretical value. It is suggested that high-tech enterprise should adjust liability structure, innovate equity financing, increase internal financing, and improve internal governance structure. Government should strengthen the management of subsidies.The study have a positive sense for high-tech enterprises to optimize capital structure, and the countermeasures and suggestions made operable, reflecting a certain amount of innovation.