A Study on the Financing Structure, Profitability and Growth of Chinese High-tech Industry
This paper aims to study 206 high-tech companies of the listed companies and 991 non-high-tech companies in 2007. The study shows high-tech companies are significantly weaker than non-high-tech ones in profitability and growth. Whats the cause that leads high-tech industry to an embarrass situation? The author thinks it is both congenital factor and acquired factor that make the industry into a state of Dysphasia. Congenital factor decides the features of high-tech industry. As its known, hightech industry is of high input, high-risk and highyield. For acquired factor, Chinese high-tech industry enjoys so little financial-support that it is difficult for debt-financing; let alone long-term debt-financing. All above will do harm to the development of Chinese high-tech industry. Therefore, the top priority is to improve the domestic financial institutions and systems for the purpose of serving high-tech industry better.
high-tech industry financing structure profitability
LI Jing TIAN Xinshi
School of Economics, Huazhong University of Science & Technology, Wuhan, P.R.China, 430074
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
1224-1228
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）