Research On The Capital Structure And Performance Of High-Tech Enterprises In China

Science and technology has been the only way to enter the new area of development,and the role of high-technology to promote the economic development can't be overlooked.Although we started in the high-tech late,we have funds,policies,technology and talents which remain the strong momentum of development in recent years.To measure the development of high-tech enterprises in China,intuitively,the business performance based on the financial indicators can directly reflect its development.From the perspective of economics,enterprises obtain funds from different channels(that is,to produce a different capital structure)that differentiates in the aspects of capital structure,corporate debt,capital costs,governance structure,etc.These differences will influence the enterprise at some point,and then the performance of enterprises.Equity structure,as the most important part of capital structure,the impact on business performance should not be underestimated.However,distinguished from general enterprises,the high-tech enterprises should invest plenty of money for the development of new products and new technologies.Adequate financial support is necessary conditions for further development and expansion of enterprises,so the rate of bank loan has a certain impact on their performance.Meanwhile,under the various equity structures,the difference of proportion between state-owned capital and private capital reflects the differences in capital structure,development and credibility.So the different equity structure may have a certain effect on the bank loan ratio and performance of high-tech enterprises.Based on the above ideas,this paper firstly discusses the adjustment of the shareholding structure and enterprise performance of high-tech enterprises,the ratio of state-owned capital and private capital,and the effect of state-owned capital and private capital on corporate financial convenience and corporate performance In order to stand on the height of predecessors to carry out further empirical research.Secondly,it elaborates the relevant theoretical basis of the high-tech enterprises in our country,and puts forward the theoretical foundation for the further analysis of the related concepts of high-tech enterprises,the related effects of enterprise performance and the relationship between financial convenience and enterprise performance of high-tech enterprises.Then,from themacro point,access to the relevant data of China's high-tech enterprises through the EPS global economic database and intuitive analysis of China's high-tech enterprise equity structure and the relationship between the business performances pave the way the following empirical analysis.In the empirical part,this paper selected 33 listed high-tech enterprises from 2004 to 2016 as the samples,analyzes the effect of state-owned capital and private capital on the performance of high-tech enterprises respectively.In order to promote business performance as far as possible to obtain a state-owned capital and private capital of an optimal interval,this paper applies the panel threshold regression model.In addition,given the high input of high-tech enterprises,the paper analyzes the adjustment effect of different share capital structure of high-tech enterprises on enterprise performance and financial convenience.By using the above panel data,the panel level adjustment regression model is used to analyze state-owned to the high-tech enterprise's corporate performance and financial convenience between the regulatory role,and further analysis of high-tech enterprise capital structure and performance to provide empirical support.Finally,the paper draws a conclusion and analyzes the optimal range of state-owned capital and private capital in the equity capital structure of high-tech enterprises for improving the business performance,and the positive effect of corporate equity structure on business performance and financial convenience for enterprises.