Study On The Causes Of Financing Structure Of National Hi-tech Enterprises

In the21st century, under the context of economic globalization, scienceand technology, as the primary productive force, have become a decisive weightfor a country to win an invincible position in the international competition.High-tech enterprises, as the carrier of the scientific and technologicalinnovation, their ability of innovation often determines country’s corecompetitiveness, which promotes the development of China’s high-tech industryand supports the growth of high-tech enterprises to become a key point topromote the rapid economical development in China.However, financing is a necessary precondition to ensure that high-techenterprises complete the transformation of technological achievements. Therehasn’t been a good combination between both areas of technology and finance.The high risk and rising degree of uncertainty of high-tech enterprises leadthemselves to suffering crippling financing situations. High-tech enterprise’shigh-risk, high-input, high-growth and high-reward characteristics oftendetermine its financing behaviors and preferences, that are reflected from itsfinancing structure. The article explores deeply the characteristics and the causesof high-tech enterprises’ financing structure in China, served as supplement ofthe existing high-tech corporate financing theories, as well served as guidancefor high-tech enterprise managers to adjust and optimize financing structure.Through a review of existing related literature, this article proposes tenbasic hypotheses for the empirical research. After identifying355high-techenterprises listed in Shenzhen Stock Exchange GEM as the overall sample, thearticle excludes the enterprises with uncompleted annual report data orindividual abnormal data. Finally the research decides200listed high-techenterprises as study sample, and establishes the regression model to studydependency between micro and macro variables and financing structure. All datainvolved in the article come from Beijing RESSET database, which are compiledand analyzed by SPSS software. In multiple regression analysis, the articleselects data of study samples from their2011annual reports for thecross-sectional regression, and uses principal component analysis to reduce thedimension of continuous variables. Afterwards, the article selects the optimalmodel by using stepwise regression analysis; ultimately it determines thedependency between each independent variable and dependent variables.The descriptive statistical analysis points out that the financing structure ofnational high-tech enterprises has several typical characteristics such asgenerally low asset-liability ratio, obvious imbalance of the term structure ofliabilities, irrational attribute structure of short-term liabilities and significantgaps between individuals. The empirical results suggest that business growth,operation capacity, size of fixed assets and competitive advantages are positivelycorrelated with high-tech enterprises’ financing structure; solvency andprofitability are negatively related with high-tech enterprises’ financing structure; enterprise’s scale and actual tax burden have no significant dependency withhigh-tech enterprises’ financing structure; industrial and geographicaldifferences have significant effects on high-tech enterprises’ financing structure.The last part of this dissertation starts from the existing problems of thefinancing structure of China’s high-tech enterprises, and proposes the advice ofadjusting and optimizing the financing structure of China’s high-tech enterprisesfrom both macro and micro aspects according to each factor influencing thefinancing structure of high-tech enterprises.