Study On Financial Structure And Influence Factors Of High-tech Enterprise In Beijing-tianjin-hebei Region

On February 26,2014,Xi Jinping hosted the symposium in Beijing,he put forward the development strategy of the integration of the Beijing-Tianjin-Hebei region.From then on,Beijing-Tianjin-Hebei integration problems rise to national strategic level.It is the development road of the future and the need of mechanism innovation.And the hightech enterprise is an important engine to drive the economic development of the BeijingTianjin-Hebei region.Its financing behavior has always been a hot economic topic.So studying the influence factors of financing structure is of great significance.Based on the study of the relevant academic point of view,this paper redefines the related meaning of the high-tech enterprise's financing structure.It uses the MM theory,information asymmetry theory and optimal sequence financing theory to build the theoretical framework of the article.It makes an empirical analysis on the sample data of the high-tech enterprise listed in the gem.Based on the theory of financing structure,this paper analyzes the influencing factors,such as profitability,debt service ability,operation ability,risk factors,R&D expenditure,enterprise scale,industry,area and so on.The annual financial statements of the high-tech enterprise listed in the gem of Beijing-Tianjin-Hebei region are sample data.This paper gives a statistical description of the financing situation of high-tech enterprises in Beijing-Tianjin-Hebei region and it uses principal component analysis and multiple regression analysis for empirical research.This paper analyzes and studies the factors affecting the financing structure,compares the financing status of the three financing methods,and it studies the financing preference of high-tech enterprises.Finally,some suggestions are put forward to promote rational financing behavior of enterprises.