Study On The Capital Structure Influencing Factors Of Chinese Listed Companies

After the birth of MM theory,studies on capital structure and its influencing factorsemerged and got plentiful results．Because of the global financial crisis happened in 2008,manycompanies in our country are facing unprecedented test．So these companies pay muchattention to optimizing the capital structure,and seeking more healthy,more suitablefinancing channels for their development．As a result,the research on corporate capitalstructure of listed companies and its influencing factors has become more researchhotspot．Over the years,scholars an home and abroad are continuously exploring and doingempirical analysis in this field,from micro factors to the medium and macroscopic factors；from the static model to the dynamic adjustment model．But results of their empirical analysisare not inconformity even contrary,because the different data,different variables and theirmeasurement,different research methods they chose．So,owing to these differences,and t hespecific economic system and the financial system of our country and the internationaleconomic environment,doing new empirical analysis on influencing factors of corporatecapital structure of listed companies in our country is of great significance．Firstly,this paper introduced the related concepts and capital structure theories,inorder to have a deep understanding on these theories．Then the paper analyzed the capitalstructure of Chinese listed companies,and studied its influencing factors on micro,mediumand macroscopic three aspects．From this we can have a preliminary understanding on thefinancing status of Chinese listed companies,and made a preparation for the empiricalanalysis．Next,the paper proved some indexes of influencing factors on micro andmacroscopic levels are significantly associated with capital structure by descriptive statisticsanalysis,correlation analysis and multiple linear regression analysis．And then,the paperanalyzed the influencing factors on medium level through descriptive statistics analysis,Onewayanalysis of variance an multiple linear regression analysis．The result showed thatinfluencing factors on medium level are also significantly associated with capital structure, and the influences are different in different industries．From the empirical analysis we canconcluded that the influencing factors on these three levels are all significantly associated withcapital structure,and the paper made interpretations for the conclusion of the empiricalanalysis．Finaly,the paper gave some advices on the optimization of the capital structure ofChinese listed companies on the basis of the analysis of the above sections in the article．Aslo,there are some deficiencies during the study in this paper,and we will do further studies aboutthis in the future．...