Study On The Impact Of Capital Structure On Enterprise Financing Efficiency From The Perspective Of Life Cycle

With the continuous transformation and upgrading of China’s manufacturing industry,with the help of Internet technology,the "new economy" has become a trend.Technology-driven enterprises have gradually become representatives of new industries,new models,new technologies,new formats,and new kinetic energy.However,with the continuous expansion of the scale of the industry,financing issues have increasingly become a bottleneck for the development of small and medium-sized technology-driven enterprises.In particular,intellectual capital,intellectual property capital,etc.,as high-quality economic resources,have not had a significant positive impact on corporate financing efficiency.This makes it difficult for small and medium-sized enterprises other than the head enterprises to obtain sufficient financial support during the growth stage.In view of this,this article intends to include intellectual capital into the scope of capital structure,discussing the impact of equity capital,debt capital,and intellectual capital of China’s small and medium-sized technology-driven enterprises on corporate financing efficiency.Based on the current status of domestic and foreign research,this paper defines the meaning of key concepts such as technology-driven enterprises,capital structure,and intellectual capital.From the dynamic perspective of the enterprise life cycle,it studies the dynamic changes of the impact of capital structure on financing efficiency..Put forward research hypotheses through theoretical analysis,use single-factor variance,multiple linear regression and descriptive statistics,and select technology-driven technology-driven technology small and medium-sized listed companies for empirical testing.Based on the results of empirical analysis,suggestions are made for the portfolio of financing tools for technology-driven SMEs at different growth stages.Through research,four conclusions were obtained:One is the impact of equity capital ratio on financing efficiency:in the growth and maturity stages,the equity capital ratio will promote financing efficiency;in the recession phase,the equity capital ratio will inhibit financing efficiency;and Compared with the mature period,the equity capital ratio has a more obvious promotion effect on the financing efficiency during the growth period;compared with the growth period and the mature period,the equity capital ratio has a more significant inhibitory effect on the financing efficiency during the recession period.The second is about the impact of debt-to-capital ratio on financing efficiency:in each life cycle,the debt-to-capital ratio will promote financing efficiency;compared with the growth period,the debt-to-capital ratio promotes financing efficiency in the mature period more obviously;and the growth period Compared with the mature period,the debt-to-capital ratio plays a smaller role in promoting financing efficiency in the recession period.The third is about the impact of the intellectual capital ratio on financing efficiency:in the growth and maturity stages,the intellectual capital ratio will promote financing efficiency.Compared with the mature period,the intellectual capital ratio has a more obvious promotion effect on the financing efficiency in the growth period;in the recession phase,the intellectual capital ratio will inhibit financing efficiency.the fourth is about the capital structure The mechanism that affects financing efficiency:On the one hand,the capital structure will achieve intermediary transmission through the internal control of the enterprise;on the other hand,the financial flexibility of the enterprise will aggravate the impact of the capital structure on the financing efficiency.