Research Of The Listed Companies' Capital Structure In China Based On Control Authority Factors

Under the circumstance of Marketing-Economy , both stock and bond are the important financial method for the companies. And there are different in the additional control authority. Stocks and bonds are financial tools, furthermore they are different structure of control authority. It is basement of control authority that Stocks and bonds are, so there will develop specific control construction according to their proportion. In the capital market, the shareholders and creditors' constitution is insistently changed through the securities transaction. Meanwhile the centralism or the dispersion degree will work on the formation of control authority structure.Obviously, the relationship between the decision-making of capital structure and the control authority are extremely complex and subtle. On one hand, the difference between the stock and the debt simultaneously obtain the confirmation and emphasis in the contract-theory research. On the other hand, it is the alteration of the related capital structure that will directly affect the domination of the companies'authority assignment. So as the result of balancing the control authority, the design of capital structure will be definitely influenced by authority structure. Considering the complex relationship between decision-making of capital structure and companies'control authority, this article attempts to analyze the condition of the control authority through the theory of control authority.There are five chapters in this paper, and the content as follow:Chapter 1,is the exordium of the paper. Introducing the background of this topic, this paper indicates the significance of researching that the control factors affect the capital structure in our country. Then it points out the researching methods,innovation,textual shortage and the study direction in the future.Chapter 2, is a summarize of the theories of the control authority. Introducing the central opinions, it will explain that the capital structure is the control structure in essence. The major stockholders will possibly control their authority through the change of the capital structure. Chapter 3,the article elaborates the present situation of the control authority in our country., pointing out the real control ability of every authority holder.Chapter 4,it analyses the internal connection between the control structure and the financing policies. It points out that the financing policies are related to the property and the authority, and then it will affect the control structure.Chapter 5,is the demonstration analysis that control factors affect the capital structure. It will process research. through the methods of description statistics,graph analysis and gradually regression validate the influence of control factors on the capital structure in our country.