Factors Influencing On Capital Structure Of Listed Companies In China

Since the inception of the MM theory in 1958,the company'S capital structure theoryincreasingly widespread concern in economic circles How to determine the factorsaffecting the capital structure,to establish the background for our company'S optimalcapital structure and improve the value of the company,reduce the use of funds andopportunity costs,have became the concern of each company．This dissertation is based onthis context,from the perspective of empirical factors affecting capital structure in order tobe able to optimize the capital structure of listed companies set up to provide usefulThis dissertation is based on the MM theory,trade-off theory,agency theory and otherrelated theories,relevant research results at home and abroad,from the macro factors andmicro factors,two aspects of the capital structure factors are analyzed On this basis,weuse the 2005 to 2010 listed companies in Shenzhen and Shanghai ofvarious industries as asample,analysis the status quo of China'S capital structure Then,combined the beforeanalysis of factors affecting capital structure,from an empirical point ofview,put forwardsix assumptions,establish the multiple linear regression model,in particular:The capitalstructure as the dependent variable,profitability,company size,company growth,ownership structure,assets mortgage and asset liquidity as the independent variables,usethe latest data of 6 10 listed companies in 20 10,stepwise regression model,preliminarydetermine the factors afl'ecting capital structure,and then use the analysis of variance todetermine the industry factors impact on the capital structure whether or not,and finally,we set up panel data analysis on the sample data of listed companies in Shenzhen andShanghai from 2005 to 20 10,more in-depth study of the capital structure of listedcompanies with which variablesThe empirical results show that the capital structure of listed companies is afl'ected bymany factors The 2010 cross-sectional regression analysis of the data structure resultshows that the company profitable with a negative correlation between capital structure,company size and mortgage assets with a positive correlation between capital structure； and on the six years 2005 to 20 10 panel data empirical resuRs shows that,the company'Sprofitability was positively correlated with capRal structure,ownership structure have anegative correlation with capital structure Finally,this dissertation raises the mainconclusion based on the empirical resul~and the existing deficiencies.