This paper analyses the capital structure of high-tech SMEs based in Ireland examining the determinants which influence the financing options. The main contribution of this paper is to provide analysis on the capital structure financing choices of the high-tech sector, and provide a new insight into the financing of high-tech SMEs through primary data.

Regarding the primary data utilised in this paper, an original questionnaire was completed by high-tech SMEs in Ireland, which provides data that is novel and focused. The importance of internal sources particularly retained earnings is found amongst older firms. A change from equity finance to debt occurs within high-tech SMEs over time, while the relationship between the banking sector and high-tech firms has not improved over the past few years. Regression analysis finds a negative relationship between the use of incubators and accelerators with profitability. While a positive relationship between intangible assets and internal finance exists, while firms with previous start-up experience have a positive affiliation with equity finance. Additionally, the descriptive findings provide a thorough overview of the issues of financing and the paper presents data on intangible assets and human capital perspectives not often found in secondary databases. This combined with regression analysis, provides original novel insights into the capital structure of high-tech SMEs and the importance of firm characteristics.

本文分析了爱尔兰高科技中小企业的资本结构，研究了影响融资选择的决定因素。本文的主要贡献在于对高技术领域的资本结构融资选择进行分析，并通过原始数据为高技术中小企业融资提供新的视角。

关于本文使用的原始数据，爱尔兰的高科技中小企业完成了一份原始问卷，提供的数据新颖且集中。内部资源特别是留存收益的重要性在老公司中可见一斑。随着时间的推移，从股权融资到债务融资的转变发生在高科技中小企业中，而银行业与高科技公司之间的关系在过去几年中并未得到改善。回归分析发现孵化器和加速器的使用与盈利能力之间存在负相关关系。虽然无形资产与内部融资之间存在正相关关系，但具有先前创业经验的公司与股权融资有正相关关系。此外，描述性调查结果全面概述了筹资问题，该文件提供了二级数据库中不常见的关于无形资产和人力资本观点的数据。这与回归分析相结合，为高科技中小企业的资本结构和公司特征的重要性提供了新颖的见解。