Research On Capital Structure Influencing Factors And Optimization Of Listed Information Technology Companies In China

Since twenty-first Century, China’s information technology industry to achieve sustainedand rapid development, gradually become a strategic, fundamental and guiding pillar industryof national economy.However, the impact of international financial crisis, since the secondhalf of2008, the information technology industry sales revenue growth rate droppedSignificantly, key areas and key enterprises operating difficulties, industry development isfacing severe challenges. Not only affect the cost of capital due to the company’s capitalstructure and value, while the running of the company’s own development andmacroeconomic effects are important, research how to optimize the capital structure of listedcompanies information technology industry is very important, of course, makerecommendations for optimization of capital structure of most before the key is to find themain factors affecting the capital structure of; Listed companies information technologyindustry characteristics of high investment, high yield, high risk decision different fromtraditional determinants of capital structure of the company. Although many scholars at homeand abroad on factors influencing capital structure of enterprises made a lot of theoretical andempirical studies, has made great achievements, but because of peculiarity of economy ineach country, industry difference, the complexity of a modern economy, as well as theresearch approach and focus on the differences, the empirical results, and the theory is notentirely consistent, even contrary conclusions. Thus, proceeding from the reality in China,information technology analysis of the factors affecting the capital structure of listedcompanies, and further discussion on how to optimize the capital structure of listed companiesin information technology, is a very important and practical issue.This article to information technology in Shanghai and in Shenzhen-listed companycapital structure for the study, select a sample of48.Combined with basic knowledge of thefinance, management science, political economy, empirical analysis and specification analysisand comparative analysis of research methods.Multiple perspectives on China’s informationtechnology industry listed companies capital structure present situation and its influencefactors are analyzed and compared. Select growth, company size, value, stock liquidity,profitability, asset-backed short-term debt-paying ability, operating capacity and rate econometric model of main influencing factors such as construction.The empiricalanalysis,Information technology industry listed company’s capital structure is unreasonable,debt to asset ratio is lower, the information technology industry listed company ’s capitalstructure is affected by individual factors greatly.Description main factors affecting thecapital structure of listed companies in the information technology industry is not stable andunchanged, partly explaining the reason for many of the research findings contradict theexisting.Concludes with optimization of capital structure of listed companies in theinformation technology industry recommendations, expect for the healthy development ofChina’s information technology industry listed company providing useful help.