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本文基于资本结构相关理论,选取30家有代表性的科技型中小企业2013年截面数据建立回归分析模型,对其资本结构的影响因素进行实证研究。研究发现企业规模、企业成长性、盈利能力、非债务税盾对资产负债率有显著影响,利益方在进行投资时更看重企业的未来发展和获利能力。针对这一结论,本文提出优化科技型中小企业资本结构的建议对策。
Based on the theory of capital structure, this paper selects the regression analysis models of 30 representative SMEs in 2013 to establish a regression analysis model, and makes an empirical study on the influencing factors of its capital structure. The study found that the scale of enterprises, the growth of enterprises, profitability, non-debt tax shield have a significant impact on the debt-to-asset ratio, while the interests of investors in the investment more emphasis on the future development of enterprises and profitability. In response to this conclusion, this paper puts forward suggestions to optimize the capital structure of SMEs in science and technology.