Relationships among profitability,technology innovation capability and capital structure——An empirical analysis based on high-tech firms

Zhou Yanju; Zou Fei; Wang Zongrun

Science Research Management ›› 2014, Vol. 35 ›› Issue (1) : 48-57.

Zhou Yanju, Zou Fei, Wang Zongrun

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Abstract

Based on the data of 126 high-tech firms listed in SSE A-share market over the period 2008 to 2010, and using the panel data model,this paper examines the relation between technology innovation capability and capital structure of Chinese listed high-tech firms, and it investigates meanwhile the adjustment function of profitability on such relation. It is found out that the percentage of R&D staff and the number of patents granted is positively related to the debt level, while the funding for R&D and the number of inventions applied is negatively related to the debt level. Furthermore, profitability's effect on reducing "risk benchmark" coexists with profitability's effect on improving "incentive motivation". It predicts that, in some cases, in order to stimulate the R&D initiative of employees, high-tech firms with high profitability tend to resort to equity finance, although they have the advantage of low "risk benchmark". In this paper, a beneficial supplement is made to some existing theory to provide some reference for the decision making of the high-tech enterprises' finance.

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profitability / technology innovation capability / high-tech firms / capital structure

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Zhou Yanju, Zou Fei, Wang Zongrun. Relationships among profitability,technology innovation capability and capital structure——An empirical analysis based on high-tech firms[J]. Science Research Management. 2014, 35(1): 48-57

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