The Impact Of Asset Specificity On The Financing Structure Of Technology-based Listed Companies

The scientific and technological enterprises is playing an important role in alleviating the pressure of employment and realizing independent innovation,but the financing problem is very serious.Asset specificity is an important factor affecting corporate financing structure.It is of great significance to study the financing structure based on asset specificity.Based on the meaning of asset specificity and the financing structure,we make review of the study on the relationship between asset specificity and the financing structure.This paper analyze the influence mechanism of asset specificity on the financing structure of the enterprises,including the influence route of asset specificity on the debt equity financing structure,equity financing structure the structure and debt financing structure.This paper puts forward the research hypothesis according to the theory of asset specificity and financing structure,including asset specificity is negatively correlated with the total asset liability ratio,positively correlated with the proportion of endogenous financing and positively correlated with the proportion of operating liabilities.This paper uses descriptive statistics,factor analysis and panel data regression method,select the information technology enterprise of small and medium board and carve out board market as the research object,387 sets of data were selected to test the hypothesis.Through empirical analysis,this paper draws the following conclusions: asset specificity is negatively correlated with the total asset liability ratio,positively correlated with the proportion of endogenous financing and not related to the proportion of operating liabilities.According to the above research conclusion,this paper proposed countermeasures to optimize the financing structure from the three dimensions of asset specificity,intellectual property pledge and commercial credit,including the government to encourage specific investment,strengthen enterprise special assets management,improve the intellectual property pledge and commercial credit system etc.