On The Capital Structure Of Listed Companies In China

Financing plan, investment decision and dividends policy are three hard courses in financial management field. Capital structure, which is the result of financing activities, is one of the most confusing projects in financial area. Scientists never stop studying capital structure, but non of the research achievements about the choice of capital structure is well accepted by public. The "Capital structure puzzle" is the hard point that confuses scientists forever, and this is the reason why the author chose the topic for the thesis.In the past decades, the securities market of our country provided huge capital for listed companies, and contributed greatly to the promotion of socialist market economy. The listed companies of our country made great efforts to improve the development of the national economy. It is very essential to do deep research in capital structure of Chinese listed companies. Not only because it determines the accomplishment of maximization of enterprise value, but also because it affects the allocation efficiency of market resources and the interest of many investors. The author try to find the mode of capital structure that is most suitable for socialist market economy by analyzing Chinese listed companies. First of all, the thesis analyzes the western theories about capital structure for further research. And then, the author illustrated the characteristics of capital structure of Chinese listed companies and put forward the standpoint that there are some problems with capital structures of Chinese listed companies. Further more, the penman deeply analyzed the reasons of irregular capital structure of Chinese listed companies. At the and of the dissertation, the author research a particular listed company to illustrate the points of the thesis and offer several suggestions to improve Chinese listed companies'capital structure, so that we can promote the development of Chinese listed companies, optimize the allocation of market resources and protect the interest of investors.