Study On The Influencing Factors Of Capital Structure Of High Technology Companies Based On Life Cycle

At present,the world economic competition is gradually developing into high-tech competition,and high-tech enterprises have made outstanding contributions in Transforming scientific achievements,promoting technological innovation and enhancing core competitiveness.However,the capital problem has always been a constraint to the development of small and medium-sized high-tech enterprises in China,which requires the enterprises to pay attention to the selection of appropriate financing methods to raise funds.The capital structure is not only affected by the micro-factors of enterprises,but also by the macro-economic factors.At the same time,high-tech enterprises show their own characteristics in different life cycle stages.Their capital needs are not the same,so the influencing factors may be different.Therefore,it is necessary to study the factors affecting the capital structure of high-tech enterprises from the perspective of life cycle.This article used the combination of theory and empirical analysis method.Firstly the article introduced the research background and theoretical basis.Secondly,the article used the way of industrial economic method and the scoring method to divide the life cycle of high-tech enterprises during 2012 to 2018,and then carried on the empirical test on the sample enterprise through the multiple linear regression model on the life cycle theory as a starting point from the perspective from both macro and micro perspectives,and analyzed the regression results.Finally,the writer advanced some corresponding countermeasures,so as to provide theoretical basis and empirical support to improve and optimize high-tech enterprise capital structure in China.It is conducive to the steady development of high-tech enterprises in China.The results show that the capital structure of high-tech enterprises shows different characteristics with the change of life cycle,all the factors have different influence on capital structure at every stage of life.Capital structure of growth enterprise is strongly influenced by monetary policy and economic status.Capital structure of mature enterprise is more influenced by their own profitability and asset liquidity.Capital structure of recession enterprise is more closely influenced by the enterprise scale,working ability and inflation.Therefore,it is suggested that enterprises should adjust the capital structure of each stage according to the characteristics of each life cycle stage and the main influencing factors.At the same time,it suggested the government provide capital and policy support to the financing of high-tech enterprises to promote the healthy and orderly development of high-tech enterprises.