Influencing Factors Of The Capital Structure Of Listed Companies In The Debt Under The Strategic Effect Of Perspective Study

The capital structure theory is the primary coverage of the company finance research. After the MM theory, the company's capital structure theory has been continuously developing, and has formed the agency cost theory, the signaling theory, the pecking order theory and the debt strategic effect (the strategic capital structure theory) and so on. The debt strategic effect, which links the industrial organization theory and the corporate financial theory, researched the relationship between the capital structure and product market competition. This theory that the debt level adapting to the market competition degree, which is the theoretical basis of linking the corporate capital structure and the product market structure, and is helpful to understanding the capital structure decision-making differences in the different product market competition. And research about the theory is still in its infancy, research literature is very little. At the same time, the product market concentration was decreased, the industry competition is gradually increased, and the enterprise debt level also has the rise sign in recent years, whether these phenomena have the causal relation, whether it conforms to the debt strategic effect theory. With this question, this article has studied enterprise capital structure's influencing factor from the market structure factors influencing based on the debt strategy effect's view, which is important for promoting the development of capital structure theory, optimizing enterprise capital structure and carrying out debt strategy.The debt strategic effect is the main line of the paper, which states the content of debt strategic effect theory from three aspects of the debt limited liability effect, the strategic bankruptcy effect and the debt strategic commitments effect. Limited liability effect thinks that companies of the high debt level will be implemented tough market competition; the debt can play a strategic effect as commitment device. Strategic bankruptcy effect that companies with the lower debt has strategic advantage; the repay debt pressure of high-debt companies influences to flexibility of competitive strategic, and affects following enterprises competitiveness. Strategic commitment effect that enterprises can get strategic advantage by debt financing reasonably, and the debt levels transfers this information to competitors while avoids financial distress, so that improves the enterprises competitiveness. On the basis, it points out the links between the produce market structure condition and the capital structure, and expands debt strategic effect theory. It studies impact about market structure conditions to capital structure decision-making from market competition degree, product variation and firm size three elements. It puts forward hypothesis based on analysis of status of capital structure and product market structure recently, using the financial data of listed companies during 2006 to 2008 year to carry Pearson correlation analysis and multivariate liner regression analysis for hypothesis examination, and get conclusions:First, when the other conditions are given, product market competition degree and capital structure has significantly positive correlation, which shows the phenomenon of "double low" or "double high" about financial risk and business risk of Chinese listed companies is result of debt strategic commitment effect.Second, when the other conditions are given, product variation and capital structure has significantly negative correlation, shows that the enterprises of attention to product variation tend to reduce the debt financing under the strategic bankruptcy effect.Third, when the other conditions are given, firm size and capital structure has significantly positive correlation, which shows scale enterprises gain market competitive edge using debt limited liability effect.Based on empirical findings, the paper start with optimizing capital structure and promoting debt strategic effect, proposes the three policy suggestions such as capital structure decision-making must suit to product market structure, developing the bond marker to provide conditions for optimizing capital structure and providing market conditions by improving the competitive mechanism for debt strategic effect.