Analysis On Guangdong High-tech Listed Companies' Capital Structure And Performance

Nowadays high-tech industry has become the dominant economic and social development industry and increasingly become the fundamental driving force of economic growth. Guangdong Province is the largest province of China, it's high-tech industry is in the leading position. With the national policy and funding support and a large amount of private capital investment, the Guangdong high-tech industry has been developed rapidly. Since the "Ninth Five", the average annual growth of high-tech industrial output of Guangdong Province is up to 32%. Therefore to research, analysis and evaluate the High-tech industry in Guangdong Province has important practical significance.In order to understand the relationship between the capital structure and the performance of the high-tech listed companies in Guangdong Province, this paper filters the Shanghai and Shenzhen A-share stocks listed companies of the area of Guangdong Province (including Shenzhen), and ultimately selects 42 high-tech operations normal listed companies as samples. Based on the 2009 data reported, by observing the relationship between the listed companies' capital structure and performance from the ownership structure and debt structure, by applying the economic theory to construct multiple regression models, this paper gets the following conclusion:debt ratio and ownership concentration significantly influence the firm performance, but the business growth and performance associated with low level.Through researching and analysising the high-tech listed companies in Guangdong Province, this paper not only evaluates the performance status of the sample companies, but also puts forward corresponding countermeasures and suggestions, which will help the relevant government departments to take appropriate measures to promote high-tech companies.