Research On The Influencing Factors Of Capital Structure Of Information Technology Listed Company In China

Since twenty-first century,China's information technology industry has achieved rapid development.The development of information technology industry plays an important role in promoting the growth of our entire national economy.The information technology industry as a representative of high-tech industries,compared with the traditional industries has different characteristics.The information technology industry has high risk and high growth.Its intangible assets have a large proportion in the composition of the enterprise assets.In the early stage of industry formation,a large amount of capital investment is needed for product research and development and personnel training.The subsequent development requires a large amount of funds Product updates,technological innovation.Due to the particularity of information technology industry,its financing has some difficulties,and the capital structure of enterprises plays a decisive role in its development.At present,as an important part of China's stock exchange market,the establishment of GEM is mainly to provide financing channels for the growth and development of small and medium-sized enterprises such as entrepreneurial and high-tech industries that can't meet the requirements of the listing of the main board.However,the founding of China's GEM was not established in 2009 and is currently in its infancy.Compared with western countries,there is a certain gap between time and system.Therefore,it still takes time for the development and improvement of the GEM.From the previous domestic scholars found that most are for the motherboard market,the GEM less research on the GEM information technology industry to do less specialized research.Therefore,it is necessary to further study the capital structure and influencing factors of China's GEM enterprises.From a structural point of view,this article consists of six sections.The first section is an introduction.The main contents include the background and significance of the topic selection as well as the review of relevant literature at home and abroad.The second section reviews the related theory of capital structure to lay the foundation for the following article.The third section analyzes the status quo of the capital structure of listed companies in the GEM IT industry in China.The fourth section analyzes the capital structure of GEM listed IT companies from the macro-level and micro-level respectively,which provides the theoretical basis for the empirical research.The fifth section uses empirical analysis method to study the capital structure characteristics and influential factors of GEM listed IT companies in China.The empirical results show that the capital structure of the enterprise has a significant positive correlation with the size of the company,the non-debt tax shield and the value of the asset guarantee.The growth has a significant effect on the capital structure of the enterprise but is uncertain.The profitability and ownership concentration the capital structure of a business does not have a significant impact.The last section of the paper proposes suggestions for improving the capital structure of listed companies in the IT industry.