Purpose

The purpose of this paper is to investigate the joint influence of two factors (companies’ performance and growth) on the company’s capital structure and to determine the conditions for financially sustainable competitive strategies in the coordinates profitability and growth.

Design/methodology/approach

The study sample includes 1,996 companies from 6 high-tech industries in Russia (panel data: 7,984 observations). The authors use regression models with random effects and carry out a three-dimensional visualization of the resulting dependencies.

Findings

The study found that profitability improves the capital structure (reduces the share of borrowed capital) and, on the contrary, the growth of companies (assets growth or sales growth) increases the leverage ratio. In the case of assets growth, the combined influence of two factors reduces the negative effect of assets growth. The results have shown that the outstripping growth of most high-tech companies requires an increase in debt capital and deterioration in the capital structure and financial stability.

Practical implications

In general, based on the results of this study, the authors have identified groups of fast-growing companies that need financial support, and have defined the main areas of impact (reducing the loan burden and increasing profitability) that will allow these companies to maintain high growth rates and demonstrate advanced development.

Originality/value

The relationships (which the authors identified between the control variables, the studied variables and leverage) were obtained for the first time for a sample of companies in high-tech industries and services in bigger transition country (Russia).

中文翻译：

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高新技术企业业绩和成长性对资本结构的影响

目的

本文的目的是研究两个因素（公司业绩和增长）对公司资本结构的共同影响，并在盈利能力和增长的坐标中确定财务可持续竞争战略的条件。

设计/方法/方法

研究样本包括来自俄罗斯 6 个高科技行业的 1,996 家公司（面板数据：7,984 次观察）。作者使用具有随机效应的回归模型，并对由此产生的依赖关系进行三维可视化。

发现

研究发现，盈利能力改善了资本结构（降低了借入资本的份额），相反，公司的增长（资产增长或销售增长）会提高杠杆率。在资产增长的情况下，两个因素的综合影响降低了资产增长的负面影响。结果表明，大多数高科技公司的超速增长需要债务资本的增加以及资本结构和金融稳定性的恶化。

实际影响

总的来说，根据这项研究的结果，作者确定了需要财务支持的快速增长的公司群体，并确定了主要影响领域（减少贷款负担和提高盈利能力），使这些公司能够维持高增长率和先进的发展。

原创性/价值

关系（作者确定的控制变量、研究变量和杠杆之间的关系）是第一次从较大的转型国家（俄罗斯）的高科技产业和服务业公司样本中获得。