Empirical Study On The Influential Factor For The Capital Structure Of The Chinese Listed Company

Capital structure that is a centralized reflection of shareholders rights and obligations, determines the managing structure of corporations ,and further influences on their behavior characters and value, therefore capital structure is "genes "of the modern corporations. Rational capital structure is in favor of improving the behavior and value of corporations.Through the study on characters of the capital Structure of listed companies of our country, the research finds that the listed companies of our country have the following problems: the structure in debt is unreasonable; the companies prefer stock financing to debt financing; stocks of not circulation account for the majority . In view of these issues , the factors influencing capital structure of listed company was systematically studied . The aim is achieving at the general conclusion on the mainly influential factor and as guidance to companies' optimizing capital structure.Using a sample of listed companies, our test proves those factors in multiple regression-correlation analysis , We found empirical evidence showing the financial situation plays a crucial role in financing decision.At last the reasons of that are found : the financing cost of stocks financing is lower than that of debt financing; the stock structure is special in the listed company of our country; the stock market is not in balance; the manage structure of the listed company is not Perfect. The thesis suggests to improve the unreasonable conditions of corporation capital structure through optimizing a strand power structure, developing and Perfecting bond market, standardizing the action of stock market.