A Study On The Influence Of Capital Structure On The Performance Of Chinese High-tech Enterprises

In recent years,the international situation has been turbulent and the domestic economic environment has become increasingly complex.For various types of enterprises in our country,to obtain stable and sustained growth of performance is the key to enterprise survival and development.In the face of competitive market environment,enterprises should establish their own unique core competitive advantage,innovative development is an important way.However,the relevant data show that more than 70% of enterprises believe that the main factor restricting the development of innovation is the lack of capital,and as a relatively weak foundation for high-tech enterprises,the shortage of capital is more prominent.Therefore,how to reasonably construct the capital structure and optimize the capital ratio,so as to obtain the maximum benefit of funds and achieve innovation-driven performance improvement and sustainable development,has become the primary issue in front of high-tech enterprises.This article takes Chinese high-tech enterprises as an example,through the intermediary role of innovation input in enterprise management,explores the impact of capital structure on enterprise performance and analyzes the relationship among the three.Firstly,this paper introduces the research background,sorts out relevant literature,expounds the purpose and significance,clarifies relevant concepts and summarizes relevant theories.Then,the mechanism of action is analyzed,research hypothesis is proposed,sample selection and data sources are clarified,variables are set and models are constructed,and descriptive statistics and analysis,correlation analysis,regression results analysis and robustness test are carried out to obtain empirical results.Finally,the conclusions are summarized and suggestions are put forward.The results show that:(1)Capital structure has a direct impact on enterprise performance in three dimensions: debt-to-capital ratio,debt structure and equity structure.There is an inverted U-shaped relationship between total liabilities and corporate performance.In debt capital,long-term debt has a negative correlation with corporate performance,while liquid debt has a positive impact on corporate performance.There is an inverted U-shaped relationship between ownership concentration and performance.(2)The capital structure affects the level of innovation input in three dimensions.Both total liabilities and long-term liabilities are negatively correlated with innovation input.There is an inverted U-shaped relationship between ownership concentration and innovation input.(3)Innovation input positively promotes firm performance and plays an intermediary role in the influence of capital structure on firm performance.Long-term debt inhibits innovation input and negatively affects firm performance.Innovation input plays an obvious mediating role.However,due to the existence of innovation cycle and hysteresis,the mediating effect of innovation input on the influence of current liabilities on firm performance is not obvious.Innovation input plays a significant mediating role in the influence of ownership structure on firm performance.It is suggested that high-tech enterprises make reasonable use of financial leverage and moderately reduce the asset-liability ratio;Reduce the level of long-term debt and improve the maturity structure of debt;Optimizing ownership structure and adjusting ownership concentration reasonably;Pay attention to improving enterprise performance through innovation investment.