Empirical Research On Financing Ways Of China's High Technology Industry

Nowadays economic globalization is becoming faster and faster, the technology evolution also growing rapidly day by day, and it's proved by the worldwide economic development that the innovation is the critical factor in the country and the market competition, consequently high-tech enterprise will becoming the main power in promoting the economic development, the technological evolution, stability of the politic, worldwide division of labor and the competition for a nation or a region, it's also the symbol of the nation power and the advanced technology. In our country, the develop of the high-tech enterprise is very slow, it's not only because of the late start and the lack of experience, but also on the limitation of the financing resources caused by the imbalanced economic development in different regions.This paper adopts combination method of the criterion analysis with the demonstration analysis, following the clue of the different financing ways between eastern and western area, based on the problem of income gap between the eastern and western enterprise, utilizing the optimized sequence financing concept in capital structure theory, signal theory, efficiency capital theory and company management theory, combined with demonstration analysis, point out that the reason for this gap is the different financing mode caused by different financing environment and policy, the western enterprise can improve the financing environment by utilizing the advantages of the high-tech industry development in eastern, and the whole development level in our country will be improved. he paper utilize the eastern and western high-tech enterprise in the Hu Shen Stock Market as the samples, and adopts the descriptive statistic and regression analysis to demonstrate the relation on capital structure i.e. financing mode and company performance, i.e. the debt financing and the company performance is positively related, the degree of such correlation in eastern is stronger than western; retained earnings financing and the company performance is positively related, the degree of such correlation in eastern is stronger than western; stock financing and the company performance is negatively related, the degree of such correlation in eastern is stronger than western; the finance financing and the company performance is negatively related, the degree of such correlation in eastern is stronger than western. The conclusion is drawn that: Assumption 1,2,4 is supported by the demonstration results, Assumption 3 is not supported. Thereafter, based on the demonstration analysis, the paper has the analysis on the influence factors in choosing the financing mode of high-tech enterprises.At last, the author propose the politic suggestions in impoving the financing environment for the high-tech enterprise in the western of our country, point out the shortage and the limitaion in this paper, and the reserch direction in this field as well.