Analysis Of The Impact Of Macroeconomic Fluctuations On The Capital Structure Of High-tech Listed Companies

Since 2014,Chinese economic downturn has led to a number of corporate bonds breach of contract,people think about the impact of macroeconomic factors on the company’s capital structure and corporate capital structure management issues once again.In all companies,high-tech enterprises,which have their own core intellectual property rights,are the carrier of Chinese advanced productive forces.In this context,this article takes high-tech listed companies as the research object,and analyzes the impact of macroeconomic fluctuation on the capital structure of high-tech listed companies.Corporate capital structure refers to the proportion of different capital sources.Capital can be divided into equity and liabilities.Corporate debt must be repaid on principal and interest,but equity is an inflow of resources with only residual claims.Because any financing behavior of enterprise must be completed through the financial market,the development of financial market has a direct impact on the financing behavior of enterprises.Chinese financial system is a banking-based,bond market and stock market as the secondary financial system.The imperfect bond market and the stock market constrain the enterprise to allocate its target debt ratio.From the theoretical logic of economics,macroeconomic fluctuations will affect the capital structure of high-tech listed companies.After discussing macroeconomic environment and the characteristics of the capital structure of high-tech listed companies respectively,this paper deduces the macroeconomic fluctuation according to the economic theory how to influence the capital structure of high-tech listed companies step by step.Then,using the mixed regression model to analysis empirically,based on the ten years of macroeconomic fluctuation from2006 to 2015,.We can draw the following conclusions: Chinese high-tech listed companies show low leverage characteristics;through logical derivation way to explain the internal mechanism of Chinese macroeconomic fluctuations affect the capital structure of Chinese high-tech listed companies;Chinese macroeconomicfluctuations have a significant positive correlation with the capital structure of high-tech listed companies.In addition: the size of the company and the tangible asset rate have a significant positive correlation with high-tech listed companies capital structure;and there is a significant negative correlation between the profitability of the company and the capital structure of high-tech listed companies.The company growth and non-debt tax shield have no significant impact with high-tech listed companies on the capital structure.Through the study of the capital structure of high-tech enterprises,the first,enriched the existing research data on the capital structure of high-tech enterprises;Second,when the policy-making departments develop relevant policies,this article can provide some reference;Third,the conclusions of this paper can give high-tech enterprise managers to provide financial policy recommendations.In the past studies,there is no research about the impact of macroeconomic factors on the capital structure of high-tech enterprises.The main innovation of this paper is to introduce macroeconomic fluctuation factors in the influencing factors of capital structure of high-tech listed companies,and the conclusion is in line with economics theory.