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信息已经是软件行业的重要经济资源。软件产业的成功关键因素在于能否在需求尚未形成之时就牢牢的锁定并捕捉到它,将企业资源投入于产业的当前需求、潜在需求以及新需求。本文基于产业生命周期理论研究不同阶段公司资本结构与公司成长性的关系,选取2011~2015年我国软件类上市公司为研究对象,深入分析不同生命周期下资本结构的特点,寻求最优资本结构。研究表明,目前我国软件类上市公司正处于成长期,公司成长性与资产负债率和长期资本负债率成负相关,因此软件类上市公司在制定投融资决策时,应结合本企业发展阶段调整其资本结构,选择有利于公司成长性的资本结构。
Information is already an important economic resource for the software industry. A key factor in the success of the software industry lies in its ability to firmly lock in and capture it when demand has not yet materialized, putting corporate resources in the current, potential, and new needs of the industry. Based on the theory of industrial life cycle, this paper studies the relationship between company capital structure and company growth at different stages, and chooses the software listed companies in China from 2011 to 2015 as the research object, deeply analyzes the characteristics of capital structure under different life cycles and seeks the optimal capital structure. The research shows that at present, China’s software-based listed companies are in a period of growth. The growth of the company is negatively correlated with the ratio of assets and liabilities and the long-term debt-to-capital ratio. Therefore, when formulating investment and financing decisions, the software-based listed companies should adjust their development stages Capital structure, select the capital structure conducive to the company’s growth.