Research on the Influence Factors of Capital Structure of New High-Tech Enterprises—Based on the Perspective of Dynamic Adjustment Model

Journal: Advanced Management Science (AMS)
Author: Shenshen Chen, Xiaoguang Hu

This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited


This thesis utilized the dynamic adjustment model of capital structure to empirically test influence factors of capital structure of new high-tech enterprises. The results showed there were adjustment costs in the capital structure of China’s new high-tech listed companies; the actual capital structure has largely deviated from its optimal capital structure. Through the test of dynamic model, it proved that there was a general rule for the influence of the related influence factors on the capital structure of new high-tech enterprises; it also showed self-characteristics of new high-tech enterprises at the same time.


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