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| An Empirical Analysis of Dynamic Capital Structure of High-tech SMEs in China |
| Gao Changchun,Zhu Mingjun |
| Glorious Sun School of Business and Management,Donghua University,Shanghai 200051,China |
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Abstract High-tech SMEs have played an important role in promoting the development of Chinese national economy,but most of them are still facing the difficulty of financing problem.This paper establishes the dynamic model for the adjustment of capital structure on the basis of dynamic capital structure theory.Then it uses nonlinear least squares method to fit the model with 75 high-tech SMEs listed in China and compares it with the static model.The results indicate that the dynamic model is better than the static model for the interpretation of the capital structure of high-tech SMEs.The analysis on the optimal ratio of capital structure shows that the financing of high-tech SMEs in China is insufficient.
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Received: 11 April 2017
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2018, Vol. 0 
