Sme Board Listed Company Capital Structure Of The Empirical Analysis Of Factors

Since the formation of Modigliani-Miller Theorem in 1958, Capital structure theory has become a hotspot for modern corporate finance studies. Capital structure significantly affects company's market value, growth as well as management structure. This thesis focuses on the major affecting factors of capital structure of China's SME board listed companies.In the thesis, firstly, some basic concepts are defined; then, the historical development of capital structure theories is reviewed so as to provide basic theory foundations upon which the following studies will be based.In chapter three, theoretical discussions are presented to figure out preliminarily, at industrial and corporate level, the major affecting factors of capital structure of SME board listed companies.In chapter four, firstly, descriptive statistical method is used to study the relationship among these affecting factors; secondly, regression method is used to further study these factors, using industrial and corporate factors as variables. In the end, the positive research result shows that the leverage of China's SME board listed companies positively relates to corporate profit earning capacity, scale and the proportion of collateral assets; and negatively relates to corporate growth and non-debt tax shields(NDT). The study also finds out that NDT is the most influential factors among all for China's SME board listed companies.At the end of the thesis, some possible explanations are given, and suggestions at industrial, corporate and institutional level are presented.