The Research On The Impact Of Credit Risk On The Capital Structure Of Listed Companies

Capital structure theory is always an important part of financing and also it's the focus of the controversy of the field of finance. How to decide the best capital structure and research the impact of important factors on capital structure is always a hotspot in theory field. The research of capital structure has not stopped since 1958 when Modigliani and Miller advanced the classic MM theory. The research of capital structure theory has gradually become mature in the west world, but in china the research still stand in a phase which study the west theory meanwhile china has many differences from the west countries. So, our study should exploit new field and take the trait of china into consider.Based on the deteriorated credit risk, this paper research it's impact on listed companies. Firstly, this article retrospects the development of the capital structure theory and introduces the measurement of the credit risk .Secondly, as the lack of the research in this field, we give three assumptions and make a design for the research.in the main body this paper seeing about the impact of credit risk on capital structure from agency theory, the maximum of the shareholder and the trait of the capital market in china and conclude the research. This paper indicate that the result accord with the first assumption. Lastly, in chapter 4 we make a demonstration analysis which choose the z value as the measurement of the credit risk and some listed companies from shanghai stock exchange.By the analysis of theory and demonstration we find that credit risk has notable impact on the listed company's property liabilities rate and we find that there is a notable positive relation between them, that is accompany with the augment of the credit risk listed companies prefer to choose equity financing. And what's more, the z value also have some positive relation with the companies' current liabilities rate and long liabilities rate though the relation is not as notable as with the debt-capital ratio.