Study on Financial Structure and Influence Factors of
High-tech Enterprise in Beijing-Tianjin-Hebei Region
——Based on Listed Companies in GEM
Dissertation Submitted to
North China University of Science and Technology
in partial fulfillment of the requirement
for the degree of
Master of Science in Management
by
Tao Huiyun
(Business Administration)
Supervisor:Professor Cui Jian
March, 2018
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明确的说明并表示了谢意
论文作者签名：日期：2018年3月9日
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签字日期：2018年3月9日签字日期：2018年3月9日
-Ⅰ-
摘要
2014年2月26日，习近平主席在北京主持召开京津冀协同发展座谈会，提出
京津冀一体化的发展战略，从此京津冀一体化问题上升到国家战略层面。京津冀经
济一体化的发展道路是打造新的首都经济圈、推进区域发展体制机制创新的需要，
而高新技术企业是带动京津冀地区经济发展的重要引擎，其融资行为也一直是个热
门的经济话题。所以，研究高新技术企业融资结构的影响因素具有重要意义
在研究相关学者观点的基础上，重新界定高新技术企业融资结构的相关含义，
并且运用MM理论、信息不对称理论和融资优序理论等来构建理论框架，然后以
京津冀地区创业板上市的高新技术企业为样本数据进行实证分析
以融资结构相关理论为基础，结合现有学者的研究成果，主要选取了盈利能
力、偿债能力、营运能力、风险因素、R&D强度、企业规模、行业、地区等影响
因素进行重点分析。然后以京津冀地区创业板上市的高新技术企业的2014~2016
年财务报表为样本数据来源，对近年来京津冀高新技术企业的融资情况进行统计性
描述，采用主成分分析法和多元回归分析法进行实证研究，对各类影响融资结构的
因素进行研究，对比分析三种融资方式的融资状况，研究高新技术企业的融资偏
好。最终提出相关建议，以期促成企业的理性融资行为
图5幅；表19个；参45篇
关键词：京津冀；高新技术企业；融资结构；影响因素；创业板上市企业
分类号：F230
-Ⅱ-
Abstract
On February 26, 2014, Xi Jinping hosted the symposium in Beijing, he put forward
the development strategy of the integration of the Beijing-Tianjin-Hebei region. From
then on, Beijing-Tianjin-Hebei integration problems rise to national strategic level. It is
the development road of the future and the need of mechanism innovation. And the high-
tech enterprise is an important engine to drive the economic development of the Beijing-
Tianjin-Hebei region. Its financing behavior has always been a hot economic topic. So
studying the influence factors of financing structure is of great significance.
Based on the study of the relevant academic point of view, this paper redefines the
related meaning of the high-tech enterprise’s financing structure. It uses the MM theory,
information asymmetry theory and optimal sequence financing theory to build the
theoretical framework of the article. It makes an empirical analysis on the sample data of
the high-tech enterprise listed in the gem.
Based on the theory of financing structure, this paper analyzes the influencing
factors, such as profitability, debt service ability, operation ability, risk factors, R&D
expenditure, enterprise scale, industry, area and so on. The annual financial statements of
the high-tech enterprise listed in the gem of Beijing-Tianjin-Hebei region are sample data.
This paper gives a statistical description of the financing situation of high-tech enterprises
in Beijing-Tianjin-Hebei region and it uses principal component analysis and multiple
regression analysis for empirical research. This paper analyzes and studies the factors
affecting the financing structure, compares the financing status of the three financing
methods, and it studies the financing preference of high-tech enterprises. Finally, some
suggestions are put forward to promote rational financing behavior of enterprises.
Figure5; Table19; Reference 45
Keywords: Beijing-Tianjin-Hebei region, high-tech enterprises, financing structure,
influencing factors, gem listed enterprise.
Chinese books catalog: F230。