| The high-tech enterprises are the cornerstone for an innovative nation. Financing is the base of Research&Development and the premise of high-tech enterprises. Intellectual property right, as a result of Research&Development, is directly related to the companies’operations.To protect intellectual property right is an important factor to ensure the long-term development of the enterprises. Nowadays, the provinces of China adopt the intellectual property right law by the central government and international convention. The legislation is of high quality. However, there still exist problems to be solved in the process of execution of the law.For an enterprise, there are many factors that can influence the financing structure, such as the size, the ability to profit, the characteristics of the whole industry and the management situation. For the high-tech enterprises, intellectual property right distinguishes them from other enterprises. This is one of the important properties of high-tech enterprises.Does the high protection of the intellectual property right influence the financing structure of an enterprise? Moreover, asymmetrical information is an important factor influencing the financing structure of an enterprise. Under the environment of highly protected intellectual property right law, it is important for outsider investor to know that the enterprises are willing to disclose relevant information of intellectual property right. How does this kind of information influence the financing structure of enterprises in the capital market?According to the above situation, this thesis introduces the theory based on the influence of asymmetrical information. It firstly analyzes the relation between intellectual property right and the asymmetrical information. Then it analyzes the relation between asymmetrical information and high-tech financing structure.From these two relations, it derives the relation between the protection of intellectual property right and the high-tech financing structure. This thesis thought that the protection of intellectual property right influence the financing structure of high-tech enterprise through asymmetrical information.After the examination of real evidence, the assumption of this thesis is verified. The higher the protection level of property right, the lower the level of asymmetrical information from inside or outside of an enterprise, the more likely the enterprise will finance by share. The level of asymmetrical information is the media by which the property right influences high-tech enterprise financing structure.Due to the lack of data on research background and the limitation of individual ability, there are still shortages and problems in this thesis that need to be further investigated and improved. |
