The transformation of economic development approach demands to develop high-tech industries, while high-tech industries can’t develop without financial support, in which different financial structures exists differences in the efficiency of high-tech industries development and support. For this reason, this paper firstly theoretically described the mechanism of financial structure’s effect on h...

While the traditional agency model assumes managerial risk aversion and underinvestment in high tech opportunities, the behavioural agency model allows for risk seeking by managers leading possibly to over-risky investment. Corporate governance mechanisms can correct both underand overrisky investment thereby ensuring value enhancing high tech acquisitions. Our study builds an empirical optimal...