AN Empirical Research On Influencing Factors Of Capital Structure Of Listed Companies In The Software Industry

Due to the high technology content,high value-added features,the current software industry has become the world's leading industries of high and new technology,has become the key industry to maintain social and economic growth in many countries to support the development of key industries.With the world economic transformation and the need for enterprise innovation and upgrading,as well as the wide application of OA,the construction of Internet online sales and e-government,the software industry has ushered in a historic opportunity for development.Software industry is a new strategic industry which is supported by our country at present.In recent years,the development of China's software industry has made considerable progress,and the average annual growth rate of the output value of the software industry has been maintained at about 20%.And,China's software industry has emerged a number of listed companies that have a certain size and impact,the entire industry has leapt to a new level.But,because of various factors,the software industry of our country and its capital structure of listed companies still have many problems,such as weak awareness of risk prevention and control,capital allocation is not reasonable,the decline of operating efficiency leads to increased financial risk,high debt rate lead to increase the risk of financing,equity financing preference is strong,unreasonable debt structure,operating benefits decline resulting in financial risks and so on.Therefore,it is worth thinking and study seriously to strengthen the management of Listed Companies in the software industry,analyze the various factors that influence the capital structure of Listed Companies in the software industry,look for the ways and measures of optimizing software industry capital structure of listed companies.In view of this,this paper analyzes the capital structure of the development of the software industry in China and its listed companies based on the optimization of capital structure from the perspective by using relevant theories and analysis methods,and points out the main problems existing in the software industry of our country listed companies and the capital structure.On this basis,this paper takes the financial data of Listed Companies in 2009-2015 as the sample,using panel data regression method to analyze the factors that affect the capital structure of the listed companies in the software industry.The empirical results show that enterprise's size,profitability,asset collateral value,short-term solvency are the main factors affecting the software industry's capital structure and enterprise growth,GDP growth rate,inflation rate and real interest rate,the capital structure of the listed companies in the software industry have no significant effect.Finally,according to the existing software industry of our country listed companies and the capital structure problems,this paper from the national policies,laws and regulations aspects of the capital market,puts forward reasonable suggestions to optimize the capital structure of the software industry.This paper argues that if our country's software industry want to strengthen the management of the listed companies,capital structure optimization of Listed Companies in the software industry,we must make risk analysis and information disclosure,strengthen the financing management system of listed companies,capital structure of listed company is in good condition,strengthen the management of capital structure.