Study of correlation of capital structure with performance in high-tech enterprises based on quantile regression

Capital structure´s impact on performance, acting by the efficiency of corporate governance. In any stage of life cycle, listed high-tech company needs various funding sources, and its capital structure directly affects the level of the capital cost and the market value. The quantile regression model analysis based on 341 listed high-tech companies´ data from 2006 to 2009 shows that the proportions of state-owned shares and tradable shares, long and short-term capital debt ratio on firm performance have significant negative effects. On performance´s 0.5~0.75 quantile, the ownership concentration is positively related to it while the proportion of managerial ownership sensitivity lost. Then such suggestions are proposed as human intelligence capitalization, intellectual property protection system establishment, development of venture capital industry acceleration and other policy recommendations.