| At the beginning of the new century, with the global technological innovation, high-tech companies become the backbone of economic development worldwide. Its new objective, new structure, new motivations have changed the essence of world economy, driving for the global economic development. Being the main force and leader of technological innovation and industrialization, high-tech companies in China play an important role in industry upgrading, productivity evolution and market exploitation, and they have changed the industry structure, organizations and enterprise systems revolutionarily. This thesis studies the financing and capital structure of high-tech companies from a financial perspective, adopting both empirical and normative research methods.There are 5 chapters in this thesis:Chapter 1 is about high-tech companies and their characteristics. This chapter defines the high-tech companies, and analyzes the particular characteristics and financial system of high-tech companies. Firstly, this chapter reviews the definition of "high-tech" at home and abroad, and provides a new definition for high-tech companies; Secondly, this chapter discusses the characteristics of high-tech companies from economic perspective: (1) Highly specialized assets;(2) Technological talents guaranteed the fast development; (3) The margin income and margin cost of technology element are zero; (4) High risk; (5) Highly rewarded; (6) Environment supporting. Chapter 2 is about theoretical frame and research reviews. In order to study influence factors of high-tech companies' capital structure, this chapter reviews the related papers at home and abroad, picks up the venation of development in capital structure theory, and sets up a starting point of this research. The capital structure determinants theory in new capital structure theories was put forward by Baxter, Cragg, Taub and Taggart Junior in 1970s, which was accepted as mainstream theory until mid 1980s. According to this theory, a company's capital structure is affected by many factors. Then, this chapter reviews former researches in the capital structure determinants theory, and establishes the topic of this essay, aiming at the defects of former studies and the characteristics of high-tech companies.Chapter 3 is about research hypothesis, samples and model construction. First, this chapter analyses the four stages of high-tech companies (seed stage, start-up stage, expansion stage, and mature stage), their risks, capital demand and financing methods. The developing of high-tech companies is a process combined with individual capital, risk capital and financial capital, so the capital market plays an important role in the conversion from technical achievement to realized productivity. Second, based on the conclusion that high-tech companies at different stages have different capital structures, this chapter suggests several hypotheses on the influence factors of high-tech company's capital structure. Finally, a model is constructed by the hypothesis variables.Chapter 4 is about empirical analysis and conclusion. This chapter describes the financing situation of high-tech companies, and discovers: (1) Indirect financing has larger proportion in financing structure, but this varies in industries; (2) Short-term liabilities financing has a large proportion in indirect financing; (3) Common stock equity financing has a large proportion in direct financing; (4) The debt ratio varies in different industries; (5) Different high-tech companies have different debt ratios; (6) Most high-tech companies in China are developing from preliminary stage to expansion stage at present. Chapter 5 is about conclusions, limitations and political suggestions. This chapter concludes major research results. Study on whole sample indicates: (1) Company scale and growing is positive correlated to debt ratio; (2) Company hypothecate value, profit ratio and current ratio are negative correlation to debt ratio; (3) Interest coverage ratio is negative correlation t... |
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