The Research On Capital Structure Of Electronic Listed Companies In Shenzhen And Shanghai Stock Market

The capital structural theory which Myers called"riddle of the capital structure"has been always the center of financial fundamental research and the focal point of argument since the appearance of the MM theory. Capital structure not only influences capital cost and enterprise value, but also influences the governing structure of enterprise, and influences the stabilization of the macroeconomic by enterprise behavior and capital market. After the development of MM theory, relevant theoretical and empirical research emerged in an endless stream. Most of the researches in domestic area chose the general listed companies as the sample, while researches on electronic listed companies haven't seen yet.Firstly the article introduces the capital structure theory of the west and the research achievements of our country. Basing on the capital structure theory, we summarize determinants of capital structure. Then the article analyzes the statistical feature of electronic listed companies and sums up its characteristics. The fourth and fifth section of this article use econometrics method to research capital structure of electronic listed companies. Section fourth theoretically discusses the determinants of capital structure. Then basing on the financing data of electronic listed companies, we use factor analysis and regression method to examine the effect of the determinants on capital structure. The result suggests that the determinants have different effect on total debt ratio and long-term debt ratio. As for electronic listed companies, corporate size and volatility have significant and positive effect on TDR; asset tangibility and growth have insignificant and positive effect on TDR; profitability, liquidity and income tax have significant and negative effect on TDR; no-debt tax shields has weak negative effect on TDR.. Asset tangibility and no-debt tax shields have significant and positive effect on LDR; growth has weak positive effect on LDR; volatility has significant and negative effect on LDR; profitability, liquidity, income tax have insignificant and negative effect on LDR; corporate size has no effect on LDR. Section fifth empirically analyzes the financing behavior and financing order of electronic listed companies. Empirical results suggest that the capital structure of electronic listed companies tends to a goal rate, and doesn't accord with the prediction of pecking order theory: electronic listed companies prefer short-term debt financing and stock financing for long-term capital sources.