Research On The Correlation Between Capital Structure And Financial Performance Of High-tech Listed Companies

In today's society,science and technology are developing by leaps and bounds,and constantly promoting the progress of our national economy,which has played a vital role in the economic growth.Since the 1990 s,more and more attention has been paid to it,and since then it has accelerated its development.The role of high-tech industries in promoting the development of the national economy is becoming more and more important.The degree of its development has become one of the important indicators to measure the competitive strength and development potential of a country and a region.At present,the scale of high and new technology industry in our country has expanded rapidly,and its proportion in economic structure has been greatly increased,which makes it possible to make high and new technology industry It not only plays the role of "engine" in the process of upgrading the industrial structure,but also plays a vital role in promoting the overall international competition of Chinese industry.However,with the continuous development of our economy,high-tech industries have increasingly become the leading industries in economic development.With the continuous development of the economy,due to the capital structure of enterprises,There are also some problems in the development of high and new technology.It is of great theoretical significance and practical value to study the relationship between the capital structure of high-tech enterprises and corporate performance and to discuss the optimal capital structure of enterprises to reduce the financial risks of enterprises.For the period from 2014 to 2016,Based on the descriptive statistical analysis of the correlation between capital structure and financial performance,408 high-tech listed companies in Shanghai and Shenzhen plates are studied.The research hypotheses are put forward,and the multivariate linear regression model is constructed,and the sample data are analyzed by factor analysis.Correlation analysis and multiple linear regression analysis,draw a conclusion,and put forward some suggestions to improve the financial performance of the company.The research results show that,for the high-tech listed companies,the proportion of the largest shareholders is negatively correlated with the financial performance,the proportion of the management ownership is positively correlated with the financial performance,which indicates that the proportion of the largest shareholders in theenterprise should be properly controlled.Increase the proportion of management holdings,The relationship between asset-liability ratio and financial performance is inversely U-shaped,and the long-term capital debt ratio is positively correlated with financial performance.It is shown that increasing the long-term capital debt ratio of an enterprise is conducive to improving the financial performance of the enterprise and that the asset-liability ratio should be controlled within a reasonable range.