An Research On Capital Structure Dynamic Adjust Speed In The High-tech Companies Involving Intellectual Capital

Domestic and foreign scholars on the capital structure are divided into two aspects, namely, a static and dynamic point angle. Today, however, from a static point of view to explore the capital structure is relatively large, relatively small capital structure to explore from a dynamic perspective. In fact, the company’s capital structure will be subject to a variety of external factors and internal factors, the actual capital structure of the company has been dynamic changes have been dynamically adjusted to target capital structure, which indicates that only the dynamic capital structure model in order to reflect the capital structure the actual situation. Capital structure from a dynamic point of view, the company’s target capital structure is not a static value, and it will change with the macro and micro factors of the company and change. This change is dynamic change, the company will with the change of the target capital structure, to adjust the actual capital structure. Therefore, it has become a hot research direction.Intellectual capital through the role of the "people", and is at the core of high-tech company capital form, it is also a high-tech industry the biggest difference compared to other industries. High-tech industry with high technology, higher intelligence features, and intellectual capital plays an important role in the high-tech companies. According to the Organization for Economic Cooperation and Development estimates that intellectual capital has become an important factor of production, intellectual capital through the "Man" in developed countries more than half of the wealth created. Proceeding from this, combined with the dynamic adjustment of the capital structure, from the perspective of the intellectual capital of high-tech companies to dynamically adjust the capital structure has important practical significance.It can be found that the speed of capital structure adjustment and its influence factors are related to the capital structure adjustment process.. There are three main research aspects of the capital structure adjustment, that is, the structure of the target, the dynamic adjustment cost and the dynamic adjustment speed. This paper argues that the dynamic adjustment of capital structure is a dynamic adjustment of capital structure, and can study the dynamic adjustment of capital structure.. This is because the dynamic capital structure adjustment speed is one of the core parts of the dynamic adjustment of capital structure. It can enable us to directly examine the size of the speed of adjustment can also enable us to intuitive feelings to adjust the speed, the adjustment costs of size. Therefore, from the capital structure dynamic adjustment speed to discuss the capital dynamic adjustment can inspect the high-tech company capital structure dynamic adjustment characteristic.In high-tech companies introduced intellectual capital to explore the dynamic adjustment of capital structure, its essence is the intellectual capital factors will affect the high-tech company capital structure decision, which will involve dynamic capital structure adjustment and capital structure dynamic adjustment speed. This article from the perspective of dynamic game to analyze the impact of intellectual capital to adjust the speed, the human capital and capital structure is defined as the identity of the owner. On this basis, using the method of dynamic game theory analysis, it is concluded that hypothesis. Then, through the establishment of local dynamic adjustment model to empirical research, this paper puts forward the human capital index and structure of capital, capital value index structure, the measures of the extraction of hi-tech listed companies in our country the representative enterprises as samples to the above and put forward the relevant hypothesis is tested empirically reliable inspection conclusion.This article first elaborated the background and significance, research ideas and methods, and the framework of this article, reviewed the related theory, such as: the theory of intellectual capital, the introduction of intellectual capital, dynamic adjustment speed theory of capital structure on the basis of literature review. After review of the relevant literature, this paper introduces the relevant concepts, namely "intellectual capital", "capital structure dynamic adjustment", "capital structure dynamically adjust the speed." In order to facilitate theoretical analysis, this article describes the dynamic balance theory appropriate, market timing theory, dynamic game theory. Then, we used the method of dynamic game explores the relationship between intellectual capital and high-tech companies to dynamically adjust the speed of capital structure, and made empirical analysis of the relationship between these factors and the capital structure of intellectual capital to dynamically adjust the speed. The empirical results show that: human capital and structural capital are ultimately "people" at work, whether it is human capital, or capital structure, their involvement will speed up high-tech companies’ capital structure dynamically adjust the speed.The rise of the high-tech industry has made the high-tech company the main body of the new pillar industry.. Scholars at home and abroad show that companies face value and the market value of the difference by intellectual capital and enterprise unique intangible assets, such as Luis Enrique Vallladares Soleeta(2005), "fortune" and Roosetal(2001) on the intellectual capital of. However, there are not many studies on the dynamic adjustment of the intellectual capital to the capital structure in high tech companies.. Therefore, this paper introduces the intellectual capital of the high-tech company capital structure of the dynamic adjustment for a certain practical significance.