Empirical Study On Determinants Of Capital Structure Of Chinese LC. In Different Industries

Since Modigliani and Miller put forward the famous MM-irrelevant theory inl958,the issue of capital structure in enterprises has been the focus among financial academics and practices.The many research studies on the capital structure indicate that the capital structure of different industries has not able differences. But research on specific formation of the sector capital structure and the analysis of influencing factors is lacking. Although scholars in economics in the west have theoretically elaborated the factors,which contribute to the formation of the optimal capital structures in enterprises, the results of empirical study are not completely consistent due to the economic complexity and peculiarity of economy in each country. So it is very important to make a study on determinants that influence the Chinese listed companies' capital structure.Resorting to the western capital structure theory and reference of latest research achievements at home and abroad, the author offers an empirical analysis on the determinants of capital structure of Chinese listed companies in different industries and educes some general conclusions on the mainly determinants and makes some suggestions to optimizing capital structure.In this paper, capital structure theory, with reference to relevant literature at home and abroad, through the board of China's small and medium-sized industries and the main board listed companies of different factors of capital structure empirical research study on the one hand, each of which may affect a number of factors their capital structure and corporate capital the logical relationship between the structure and analysis of the factors in the industry in which the role. On the other hand, select the 2005-2007 board and board small and medium-sized listed companies as samples, through non-parametric test, single factor test, dummy variable regression, testing the industry on the importance of the impact of capital structure; and then through the correlation analysis and multiple regression analysis approach, testing different capital structure of the industry factor.In this paper, results show that industry factors that affect the capital structure of listed companies an important factor; different industries influence the capital structure of listed companies, there was a significant factor in differences; the same impact on different sectors of the capital structure of listed companies affected to varying degrees; different capital markets in the same industry and the impact of influencing factors there are also quite different.