On The Capital Structure Of Listed Family Business In Our Country

The family business is an important component of socialist market economy, its development has infused the new vigor to the microscopic economy, not only expanded the employment avenue, helped to solve the social employment problem, but also strengthen the local economic power, promoted the national economy development and market economy system's unceasing consummation, already became the new economic growth. In recent years, along with a lot of family business public offering, principal-agent relationship, enterprise value and management structure of family business received the universal attention of domestic and foreign scholars, the domestic scholars have conducted research on the family business, but lacked more thorough research on the capital structure and financing behavior of listed family business.The paper is based on the western capital structure theory, using listed family business'data, has conducted the deep research on the capital structure,ownership structure and corporate governance, the factors of impacting on capital structure of listed family business. On the basis of these analyses, proposes some optimization suggestions, so as to offer references to capital structure's optimization of listed family business.Firstly, the paper summarized the definition of family business, then proposed the definition of family business in this article. And carries on the summary to the western capital structure theory, has laid the rationale for the following deep research.Secondly, the paper uses listed family business'data, take the debt-asset ratio as a index, carries on the analyses to present situation of capital structure. The debt-asset ratio of listed family business is not high as a whole but ascending tendency. The ownership structure of listed family business is unreasonable, and the character of corporate governance's familization is serious. the paper has carried on the theoretical analysis to the influencing factors of capital structure of the listed family business, then takes the quantitative analysis influencing factor as the research variable, carries on the empirical analysis to the influencing factors of capital structure by the multiple regression model. Through the further analysis of the conclusion, discovers that the present capital structure of listed family business is in the unreasonable condition, optimizing weak consciousness.Finally, in view of the question which exists in the capital structure, the paper puts forward some suggestions to capital structure for listed family business.