Empirical Research On The Influencing Factors Of IT Industry Listed Companies Capital Structure

This article studied the influencing factors of the IT industry listed companies’ capital structure by theory analysis and the multiple regression analysis, whose mainly resource of data is the annual reports. Mainly based on the mordern classical theory of capital structure, the article selected the IT industry listed companies of Shanghai and Shenzhen Stock Exchange as the object. The empirical study showed that under a certain condition, the factors “profitability”, “equity structure”, “growth”, “firm size”, “non debt tax shields” and “operating ability” all could make a significant impact on the capital structure of the IT industry listed companies. However, the influence and the direction on the capital structure are different for the listed companies with different levels of capital structure which is measured by asset-liability ratio.There are five parts as follow: The first part is the introduction, it mainly summaries the background, practical significance, current condition, contents, methods and innovation of the study. The second part is the introduction of the IT industry listed companies and the capital structure theory. The definition of IT industry, the overall development condition and the capital structure characteristics of the IT industry listed companies are introduced first. Then the definition, forms of capital structure and the classical theory of capital structure related are expounded. The third part analyzes is the theory analysis. With the characteristics of IT industry such as “technology intensive, high input, high profit, high risk” and so on, it analysized the factors that may make significant influences on the capital structure of the IT industry listed companies. The fourth part is the empirical analysis, which is the core part of the article. Assumptions are put forward on the basis of the theoretical analysis in the third part. Then sample and variables are selected. After that, the article analyzes the influences made by the factors on the capital structure of the IT industry companies with different levels of capital structure which is measured by asset-liability ratio. This is completed through the method of Quantity Regression. The fifth part summarizes the conclusions of this article and points out the inadequacies of the study.