The Analysis, Based On Modern Theory Of Capital Structure, Capital Market Efficiency

Since the establishment of capital market in our country, with the rapid prosperity of economy, capital market is developing continuously. But for the starting of the capital market in our country was late, and the legal institutions relevant to capital market is not very perfect, the development of capital market in our country is some degree different from that in western developed countries. In the environment of rapid progress of every country's economy and capital market in the world, the level of development in our capital market is very important. Because listed company is the main body of capital market and the important subject of capital market operating, the relationship between the choice of listed company' capital structure and its market value can reflect the efficiency of the capital market. The paper applies western thesis of capital structure to the analysis of capital structure of listed company and its market value in our country, and obtain the efficiency level of the capital market in China. In the choice of data, the paper uses the published financial information of the listed company and the statistics software to research, summarizes the efficiency level of capital market of China objectively.