Study On The Capital Structure Of Technological Corporation In China

"Science and technology is the first productive force".Technological corporation is the cradle of science progress and technology innovation,is the engine of economic growth and industrial structure upgrade is the vital force of forming excellent deployment of resources and promoting social stability.However,there exists a widespread problem of low capital structure in our technological corporation,which has already become one of the important bottleneck restricting the development of technological corporation.Firstly,this article reviews the theory development history of Capital Structure,and discusses the recent studies about the dynamic adjustment of corporation capital structure and capital structure optimization of technological corporation.Secondly,it takes a statistical analysis of capital structure characteristic of technological corporation in our country,and analyses the causes combined with debt structure,asset structure.Finally,based on the dynamic model,this article applies the NLS to analyze the panel data during 2011 to 2015 of our technological corporation,makes an empirical analysis of influencing factors of our technological corporation's capital structure and adjusting speed,and has a comparative analysis based on adjusting speed of different trades.At the end of this part,based on the threshold panel model,this article analyzes assets liquidity's influence on the speed adjustment according to the interaction of the actual capital structure after one delayed period(S(-1)).The study shows that,dynamic adjustment model of capital structure has more explanatory power than static capital structure model.The optimal capital structure of technological corporation has a positive correlation with enterprise size and growth,has a negative correlation with profitability,assets operation ability and liquidity of corporation.The adjustment speed of capital structure has a positive correlation with adjust distance,has a negative correlation with corporation size,and it has no significant relationship with liquidity.However,under Threshold Model,when S(-1)?0.24 or S(-1)?0.294,FLOW and V has a negative correlation on 1%significance level,and when 0.24?S(-1)<0.294,FLOW and V has a positive correlation on 1%significance level.This article applies principal component analysis which innovates the selecting method of capital structure influential factors to some extent.Its dynamic model covers the shortage of static mode,and the application of threshold model is also an innovation.Following the“encourage people to start their own businesses and to make innovations",this article takes a dynamic model to analyze the influencing factor of our technological corporation,which has a directive significance for improving the research system of our technological corporation's capital structure and for the capital structure improvement of technological corporation.