Empirical Research On Capital Structure Of The Listed Companies Of China Under Asymmetrical Information Theory

In this thesis, one of the hot problems, which is being discussed by academia and enterprises at present--the impact from corporate governance to capital structure has been further investigated. The causes and relevant market reactions are analyzed and studied by quantitative and qualitative methods. After summarizing the typical theories in this field, we have analyzed the domestic modes of listed companies. Then we built up the multi linear analysis and sample selection of this thesis on the foundation of asymmetrical information capital structure theory, and processed independent variables under principal component method. The result formulated that different industries held different optimal capital structure, and varied corporate governance variables affect capital structures significantly. Finally, we utilized Tobin's Q to exam market reaction to capital structure and corporate governance selection to elicit the inclination of china securities market.The research of this thesis indicates listed companies'corporate governance impacts capital structure under asymmetrical information capital structure theory basically, but some of the conclusions are different. The equity right division, policy defects of government system and imperfection of capital market development are the deep reasons for the exceptions. Finally, we put forward the corresponding policy recommendations according to the conclusion studied.