Research On The Relationship Between Financing Structure And Enterprise Performance Of The Technological SMEs

In China's high-tech industry,technological SMEs are regarded as important development objects,the enterprise's development and innovation ability affects the healthy development of technological SMEs,which is an irreplaceable role in the enrichment and optimization of China's industrial structure.However,there are many problems in the process of growing small and medium-sized enterprises,especially in the financing structure,which seriously restricts the continuous growth of the performance of small and medium-sized enterprises.At present,there are existing literature on the capital structure(or financing structure)on the impact of corporate performance research,but the small and medium-sized science and technology as a research object and the use of empirical analysis of the relevant researches are less,This paper is based on this,to explore the relationship between financing structure of small and medium-sized enterprises and the performance of enterprises,through the relevant policies and recommendations to optimize the financing structure to improve business performance.The main ideas of this paper are as follows: argument basis-theoretical basis-present situation analysis-research design-research process-research conclusions and policy recommendations.After combing the research ideas,the text contains six main parts: The first part of the introduction,starting from the research background and significance,through a large number of domestic and foreign literature analysis to summarize the existing research results,provide reference for the follow-up content;The second part of the theoretical basis,these theories are mainly on the financing structure and the relevance of corporate performance research,which introduced the basis of this study in detail;The third part of the status quo analysis,finding that there existing some problems,such as,financing difficulties,the degree of low degree of transformation of results,and corporate financing model to debt financing,capital market support is low,which is not conducive to the risk of corporate funds scattered.In addition,in order to the empirical analysis' smooth development,respectively discusses the impact of different financing methods on the performance of small and medium-sized enterprises from the perspective of debt financing,equity financing and internal financing;The fourth part and the fifth part are the empirical research design and empirical research process respectively,in empirical research,we select the 203 gem technology-based SMEs and take their 2011-2015 financial datas as the primary sample,adopting the method of multiple indicators of performance measurement and using factor analysis to calculate the enterprise performance comprehensive factor scores.And through descriptive statistical analysis to learn the basic information of each related indicators,At last,by using multiple linear regression analysis to get regression coefficient and determine the relationship between each independent variable and corporate performance;The sixth part is research conclusion and policy suggestion,conclusions are: The impact of asset-liability ratio on corporate performance is significant;Increasing endogenous financing rates can optimize firm performance;Equity financing should give full play to the positive impact of the outstanding shares on corporate performance;Broadening the long-term debt financing channel is the key way to improve the performance level of the enterprise;Make full use of commercial credit and reduce reliance on short-term borrowing.Then according to the empirical research conclusion,we put forward some proposals for make use of various financing platform to ensure the capital structure can elastically develop to improve the performance of technology-based SMEs.Finally,the main contribution of this research are: First,taking technology-based SMEs as the research objects,it will broaden the empirical research on the impact of the financing structure of small and medium-sized enterprises on the performance;Secondly,in the choice of variables,this paper innovative choice capital structure,endogenous financing,equity financing,long-term debt financing;Thirdly,by looking at a number of related literature,we found that the choice of the data of the research object is based on two or three years of data,which is not conducive to the continuity and regularity of the study,in order to overcome this shortcoming,this paper chooses the data from 2011 to 2015 as the research basis.