Research On Debt Structure And Operating Performance Of High-tech Enterprises

Since the 21st century,with the introduction of relevant policies such as state support and tax incentives,the rapid development of high-tech enterprises in China has played an important role in promoting social progress and economic prosperity.However,on the whole,China’s high-tech enterprises have not been developing for a long time and have a small scale.They have also encountered some problems in their development.Among them,the most needed to solve is the issue of financing.Judging from the actual situation,high-tech enterprises rely mainly on equity financing to solve funding problems in the early stages of development.In the 21st century,many companies began to realize the benefits of debt financing to enterprises and increased the proportion of their debt financing.Although the debt financing method will bring tax-saving income to the company,it will also increase the financial risk.So choosing a suitable debt structure is crucial for the future development of the company.Based on this,this paper studies the relationship between the debt structure of high-tech enterprises and their operating performance through empirical analysis,with a view to providing some references for the sustainable development and effective financing of high-tech enterprises in China.Based on the theory of financing structure,this paper studies the relationship between debt structure and operating performance of China’s high-tech enterprises in terms of debt ratio,debt maturity,and debt source.The debt ratio is used in this paper to quantify the debt and debt maturity.Using the ratio of long-term debt and short-term debt,the source of debt is expressed as the proportion of operating liabilities and the ratio of financial liabilities.For the business performance,this article applied the principal component analysis method to obtain a comprehensive performance factor that represents the profitability of the company and the profitability of the shareholders.The descriptive statistics method was used to analyze the actual situation of the debt structure and operating performance of the high-tech enterprise.The multivariate regression analysis method was used to study the relationship between the two and reached the conclusion of this paper.The increase in asset-liability ratio of high-tech companies will have an adverse effect on business performance;operating performance will be proportional to the proportion of long-term debt.Increase and rise;financial liabilities will inhibit the growth of operating performance.Finally,according to the research conclusions,some suggestions are proposed,such as increasing the proportion of internal financing,increasing the proportion of long-term debt,improving the management level,and expanding the financing channels,with a view to providing some references for the financing decisions of high-tech enterprises in China.