The Empirical Research On The Influential Factors Of Listed Companies' Capital Structure

Since the birth of the theory of MM in 1958,The capital structure of enterprises subject to widespread concern in economic circles.In recent years,as the transformation of China's economic system and the reform of the investment and financing system,the research on the capital structure of enterprises is more and more important.What are the reasons that have lead to the corporates of different industries and different regions have different capital structure? What are influential factors of the capital structure? There are lots of literatures of the issue internally,but the analysis combined with the actual situation of China's listed companies is very little,the analysis based on the influential factors of the capital structure of a region is even less. Therefore,there is great practical significance for the research of the influential factors on the capital structure of listed companies in Henan.In this paper,it,first of all,defines the concept of capital structure,and theoretically summarizes the influential factors of capital structure.Next the paper analyzes the current capital structure of the listed companies in Henan province, moreover,combined with the theory of influential factors for the capital structure,the thesis gives a detailed account on various factors which probably influence the capital structure.Then,it gives an empirical analysis on the influential factors in the listed companies in Henan province,adopted the panel data,the paper not only establishes the multi-variable regression model from the asset-liability ratio and long-term asset-liability ratio,but also Meanwhile it mostly focuses on how do the characteristic factor of the companies and the interest ratio influence the capital structure.The empirical test which based on the asset-liability ratio shows that it is significantly negatively correlatied among the company profitability,non-liability tax shields,long-term interest rates and the asset-liability ratio of listed companies in Henan province;It is significantly positively correlatied among the company size,the company's grouth,the asset stucture,the short-term interest rates and the asset-liability ratio of listed companies in Henan province;While the ownership structure and the asset liquidity have no significant impact on its capital structure.The empirical test which based on the long-term asset-liability ratio shows that it is significant negative correlatied among the non-liability tax shield,the long-term interest rates and the long-term asset-liability ratio of listed companies in Henan province.However,the relation is not obvious among the profitability,the company size,the company's growth,the ownership structure,the asset structure,the assets liquidity,the short-term interest rates and the long-term asset-liability ratio.Based on the conclusion get from the empirical Analysis,the article put forward some suggestions to improve the capital structure of listed companies in Henan province.In this paper,the innovations embodied in the following aspects:First,the method of innovation.In this paper,time-series data and cross-section data on the combination of panel data model,from the empirical point of view of the capital structure of listed companies in Henan factor.Second,the indicators selected on innovation.The selection of indicators more comprehensive and more information content.Third,the content of innovation.Most of the literature on the domestic habits of all the capital structure of listed companies to carry out comprehensive study on the impact of factors, ignores the differences between various regions,specifically for the study of a few areas.This article was selected as a listed company in Henan province study.Fourth, data on innovation.In the basis of previous studies using the latest data to the capital structure of listed companies in Henan influencing factors research.