The Research Of Influencing Factors On Capital Structure Of Chinese Listed Companies

Chinese listed companies are mostly state-owned enterprises with imperfect corporate governance, which do not fully realize the market operation. In this context, the capital structure of listed companies in China showed some significant features:with the periodic change in capital markets, capital structure changes;low debt ratio of listed companies. Considering the characteristics of the capital structure is the result of cumulative financing decisions, it is necessary to study what factors affect the capital structure of listed companies in China, and compared with western developed economies, what is the difference?We chose 947 the Shanghai and Shenzhen A shares listed companies on the main board, using six-year data from 2004 to 2009 to regression for empirical studies, concluded that:1, the company's profitability, firm size, collateral value of assets, asset specificity and companies in which industry-specific have an important impact on the capital structure of listed companies in China, which was the same as the Western developed market economies; 2, the relationship between the income tax rates and the company's capital structure was not significant, which is not consistent with the theoretical prediction, but consistent the main empirical findings, this may be because the majority of our company's marginal tax rate, more or less, on the same level; 3, the operating risk that have an important influence on capital structure of listed companies in the developed economies is not significant in our companies, we believe that this is because risk cannot be effectively transmitting to the interest rate.4, there is a significant positive correlation between the growth and the rate of assets and liabilities of listed company, while in developed economies, the two showed a significant negative correlation.Based on the above findings, we give, finally, the relevant policy recommendations:by establishing a multi-level capital market to promote the development of small high-tech enterprises;by promoting the construction of China's interest rate market to make China's listed companies concerned about the future of business risks; by improving of corporate governance to corporate finance decision-making optimization.