Empiricalanalysis Of The Relationship Of Growth And Debt Structure Of China's High-tech Smes In China

The rapid development of small and medium high-tech enterprises has contributed to China's economic development. As the high-tech enterprises have their own characteristics, especially in its growth process, the different stages of the business characteristics and financing needs vary widely.The traditional mode of financing is difficult to meet demand. Thus, it is important practical significance to explore suitable financial characteristics and financing strategies for growing high-tech enterprises in China.In this paper, it starts the definition of small and medium sized high-tech, then introduce financing options of small and medium sized high-tech enterprises in China at the present stage .It analysis the financing structure of China's small and medium sized high-tech enterprises, and find out reasons of unreasonable financing structure from the institutional, policy, financing, environmental and corporate .This article focuses on the major the four-stage developments of the small and medium sized high-tech enterprises to carry out specific analysis and the choice of financing strategies. The four periods are: seed stage, venture period, growth, maturity. Under the funding needs characteristics during the four stages and the main risk, companies will choose different financing structures, investors will invest .This article demonstrates using empirical methods, it selects 44 high-tech companies for the study sample. Three assumptions of the relationship between growth and debt structure can be tasted through the two-stage least-squares method. The proportion of debt financing negatively relates to growth, and the short-term debt relates to growth, and short-term debt can alleviate negative impact of the growth on the ratio of the of debt financing; It is significantly higher that growth alleviate the negative impact of debt financing ratio in high-growth enterprise than in low-growth enterprise; It is significantly higher that the positive correlation of short-term debt and growth in high-growth companies than in low-growth businesses.Finally, the paper separately put forward policy recommendations from the Government, financial institutions, enterprises themselves and the external environment to address the high-tech enterprises of small and medium irrational financing structure and to promote better growth of small and medium sized high-tech enterprises.