To Optimize The Chinese Media Listed Company About Capital Structure

With the development of communication in China, the 11 media listed corporations which have came to the stock exchange market in Shanghai and Shenzhen walked beyond the communication industry and led all the industry along fast. Doing research on the capital structure of the 11 listed companies ought to dig out the financing performance which contrast to other companies and could make example for non-stocking corporations. According to it, the communication industry is able to maintain a sustained, rapid and sound development.Half a century ago, the theory of capital structure came into being .Especially the pecking-order hypothesis which assumes a financial hierarchy descending from internal funds, to external debt, and last to external equity. Most empirical tests in foreign markets basically verified the model. Nevertheless, our China did research on capital structure began with the 1990s. There is basic difference of financing preference between Chinese firms and western ones. Exactly it disobeys the theory of capital structure with west and appears to have external equity preference.This article analyses the characteristics of financing preference with the way of empirical model. By using the data analysis software of Excel, we do research for 54 samples of the descriptive statistics. Equity financing to the main source of financing, debt financing, supplemented by financing model good outlined the listed companies structure of the financing at present. The external factors influencing financing preference in China include policy environment factors and market environment factors. The author concludes that the fact that controller leads the financing is the key characteristic for the forming of the financing preference of Chinese media listed firms.