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A Research on the Capital Structure Influencing the Corporate Value in the Information Technology Listed Companies of China

Author: WuKeJia
Tutor: MoSha
School: Hunan University
Course: Applied Economics
Keywords: Information technology industry Capital structure Corporate Value listed company The US’s and China’s industry
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 51
Quote: 0
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Abstract


The capital structure is a very important index which reflects an enterprise’scapital strength. Optimizing the capital structure of an enterprise will be of benefit tothe improvement of an enterprise’s corporate value, to the rational distribution ofownership power and controlling power, and then to the improving of an enterprise’santi-risk capability and the decreasing of the operation risks of a listed company. Atpresent, the information technology industry of our country develops very fast, but itscapital structure is relatively simple. Comparing with the American informationtechnology industry, there are great risks existing in the listed company ofinformation technology in our country. In order to find out and avoid these risks, mypaper will research the relationship between the enterprise capital structure and thecorporate value of the listed companies in our information industry, compare andanalyze the difference between the Chinese an American information technologyindustry, and according to the requirements of corporate value, it will seek for the bestcapital structure and try to find the method and strategy to improve and adjust thecapital structure of the listed companies in our information technology industry.My paper will choose the data during2009-2011from49information technologycompanies listed in Shanghai and Shenzhen stock market as sample, and the Tobin Qvalues as a key index to measure the corporate value, to measure the capital structureof the listed companies in our information technology industry with asset-liabilityratio, long-term debt ratio and quick ratio. In the empirical research and analysisprocess, the descriptive statistics, correlation analysis, regression analysis and otherstatistical analyzing methods are used to do the empirical research on the relationshipbetween the capital structure and the enterprise’s value of the listed companies in ourIT industry. The empirical results show that the capital structure and corporate valueof the listed companies in the information technology industry of China have apositive correlation. At the same time, the research also found that in corporate debtfinancing is relatively low at the listed companies in the information technologyindustry of China. In fact the vast majority of enterprises prefer to the short-term debt,and the long-term debt occupies a lower proportion. On the basis of these studies andanalysis, my paper put forward some policy suggestions to optimize the capitalstructure, and it also expects to provide some help to the development of the information technology industry in China.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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