To Explore The Correlation Between China’s High-tech Listing Corporation Human Capital, Implicit Contracts And Capital Structure

"Innovation is the first impetus" to lead the development of Xi Jin ping, this is the general secretary at the three session of the twelve National People’s Congress of the Shanghai delegation emphasized in communication. But the reformers into innovators, but strong, but innovators wins. On behalf of listing Corporation as a scientific and technological innovation of high-tech industrialization, has become a new growth point of the world economy under the background of economic globalization. The academic circles to study high-tech listing Corporation, especially for high-tech listing Corporation capital structure has become a hot spot. At present, scholars mainly is aims at the enterprise scale, profitability, growth and other aspects of their relationship with the high-tech listing Corporation capital structure, has not yet been prominent high-tech listing Corporation’s own characteristics. The height and the new feature determines that it is distinguished from other board enterprise, high-tech listing Corporation whether there are the key factors affecting the capital structure characteristic has become the starting point of this thesis.The current high-tech listing Corporation for more knowledge intensive and technology intensive enterprises, prominent characteristics of their human capital investment is high, the technical innovation ability, high value added products, fast growth speed, which determines the class of the entity of asset specificity and a high degree of asset liquidation value is low, the follow-up service cycle is long, the customer recessive contract requirements of corporate power, the implicit debt stock. Affected by the incomplete enterprise contract, principal-agent relationship between asset specificity investment, debt and implicit human capital affects enterprise stakeholders, thereby affecting the agency cost of different financing ways, therefore we find that human capital and implicit contract become two key factors influencing the GAOKE technology listing Corporation capital structure.Therefore, this paper is based on the incomplete contract theory and incentive theory, according to its own characteristics of high-tech listing Corporation, implicit contracts and human capital angle generated from the customer and business exchange starting, the theoretical analysis of human capital and implicit contract between customer and enterprise is how to affect the enterprise capital structure, capital structure model is built by introducing human capital, recessive the contract factors, extraction of China A share listing Corporation representative high-tech listing Corporation as a sample, empirically tests the impact of human capital, the implicit contracts on high-tech listing Corporation capital structure of our country, and put forward policy suggestions on the basis of analysis of empirical conclusions on effective.Taking up to 109 high-tech listing Corporation in December 31,2013 as samples, selecting the computer, communications and other electronic equipment manufacturing, pharmaceutical manufacturing industry, special equipment manufacturing, software and information technology services, Internet and related services, telecommunications, radio and television and satellite transmission services which are six representative of high-tech industry as the representative. The interception of 2010-2013 four years of cross section data, using the factor analysis method into the enterprise human capital measure, through the regression analysis of the influence that the three on the capital structure. The study found that high-tech listing Corporation debt rate and negatively related to human capital, from the point of view of implicit contracts, capital structure and asset specificity significantly negative correlation, and implicit liabilities but negative correlation is not significant, that high-tech enterprises low debt rate is the root cause of the existence of implicit contracts and potential demands of stakeholders rights, especially the effect of high asset specificity investment cause.This paper mainly discusses from the following parts:the first part expounds the practical significance, and the academic background of the research methods and ideas and writing framework, the innovation of this article; second part to promote on the basis of literature review, lists related research conclusions about human capital, implicit contracts and capital structure at home and abroad; the third part is the specific definition and the basic theory; the fourth part is the analysis of high-tech listing Corporation human capital, implicit contracts and capital structure related theory, and put forward the hypothesis; the fifth part is the empirical analysis, using the method of factor analysis, evaluation of high-tech listing Corporation human capital, then use regression analysis method to verify the relationship between human capital, implicit contracts and high-tech listing Corporation capital structure; the sixth part draws the conclusions and put forward relevant feasible policy recommendations.