Analysis Of The Informational Asymmetry On The Capital Structure Of Listed Enterprises In China

The capital structure of enterprises is a research hotspot in the financial situation of enterprises,but the existing capital structure can only partly explain the behavior of enterprises.With the enrichment and deepening of the relevant financial theory,the capital structure theory has been continuously enriched and developed,which is of great practical significance in guiding the management decision-making behavior of Listed Enterprises and optimizing the capital structure of enterprises in China.At present,one of the important development strategies of our country is to build an innovative country.As one of the main bodies of innovation,enterprises with high technology content have become the focus of attention in practice and academia.Different from traditional enterprises,high-tech enterprises have a higher proportion of intangible assets because they engage in more intensive scientific research activities.On the one hand,because the value of intangible assets is difficult to get accurate and reasonable evaluation,the ability of mortgage is weak,enterprise managers know more about the value of intangible assets than investors;on the other hand,as the core competitiveness of enterprises,intangible assets such as intellectual property rights and high-tech,in order to protect these information resources from being copied and stolen,causing losses to enterprises,enterprises are often reluctant to disclose relevant information,resulting in investors know little about enterprises.Therefore,the internal and external information asymmetry in industries with high technology content is more serious.In this paper,pharmaceutical,biotechnology and life sciences enterprises in the health care industry are taken as research objects.Pharmaceutical,biotechnology and life sciences enterprises have relatively high technological content,so as to study the impact of information asymmetry on the capital structure of listed enterprises.The study found that the level of information asymmetry is an important factor affecting the capital structure of enterprises,and the level of information asymmetry has a positive correlation with the capital structure of enterprises(Measured by asset-liability ratio).Further,this paper carries on the grouping regression to the whole sample according to the size and age of the enterprise,and finds that the influence of information asymmetry on the capital structure of enterprises with large scale or older companies is relatively low.