Research On The Impact Of Asset Specificity And Product Market Competition On Capital Structure Of Information Technology Enterprises

The choice of capital structure is a very important behavior,enterprise can be larger influence on enterprise management.For companies to make capital structure choice suits your real,increase the utilization rate of capital,it is the company’s owners and operators have to confront.In the current economic situation,we pay more attention to the development of information technology,how to convert more new technology to the powerful productivity,for it is important to inject more vigor to the economy of our country,thus gain vigorous development of information technology industry in China.The research object of this paper is mainly the information technology industry,discussed the product market competition,the relationship between asset specificity and capital structure,hope to the information technology industry in our country to improve their capital utilization,improve their capital structure,and promote the development of the information technology industry to make more constructive Suggestions.In this paper,the first step to clearly define the asset specificity,product market competition and capital structure theory concepts,and respectively from industrial organization theory and transaction cost theory different perspective on the literature at home and abroad were reviewed.Secondly,the use of descriptive statistical analysis of thorough analysis of China’s information technology industry listed companies in capital structure characteristics and the cause of formation,respectively from the level of the company and the level of industry influence factors of the capital structure of the information technology enterprise,effective analysis and hypothesis in this paper.The last step,in this paper,the product market competition index and asset specificity comprehensive index as explanatory variables,control variables mainly adopts the company size,profitability,growth,and non-debt tax shields,some theoretical results at home and abroad for reference,in this paper,the regression model is established,and using the SPSS statistical software to regression analysis,the paper samples to verify the hypothesis.This article research conclusion: information technology industry asset specificity,product market competition is a negative correlation with capital structure.Through the study of this article,for the information technology industry listed company asset specificity,the relationship between product market competition and capital structure research provides a useful conclusion,further application of the transaction cost economics on capital structure theory,transaction costs,and governance structure.Research results indicate that,the enterprise in the capital structure decision,should consider the asset specificity,product market competition and other factors,to make capital structure decision-making,improve the ability of strategic management resources in general.