The Research To The Influential Factors Of Capital Structure Of Listed Companies In Heilongjiang Province

The capital structure is a indicator to measure investment and financing decisionsof companies，an important concept is the companies’ capital structure in modernfinance decision theory．The paper uses listed companies in HeiLongJiang Province asa example，using empirical analysis methods to make multiple linear regressionanalysis for the influencing factors in the capital structure of listed companies inHeiLongJiang Province，to discover the relationship of the capital structure and itsinfluencing factors．Established a mathematical model，the paper makes a conclusionthat the capital structure of listed companies in HeiLongJiang Pro vince is positivelycorrelated with size of companies，capacity of growth，profitability and collateral valueof assets，and negatively correlated with the unique nature of companies’ products，assets liquidity，ownership concentration and non-debt tax shield.First，the paper introduces the background，purpose and significance through theliterature，and elaborates the situation and development trend of the capital structuretheory，the study methods and innovations；then，the paper introduces theoretical studyof the influencing factors of the capital structure，and analysis the influencing factorsof the capital structure in China from the macroscopic and microcosmic；third，thepaper uses the listed companies in HeiLongJiang Province as a example，and statisticsfinancial data to make related analysis with relevant factors，gives the present situationof capital structure of listed companies in HeiLongJiang Province；finally，according tothe results of the analysis， the paper gives the optimize suggestions for thecharacteristics of the capital structure of the listed companies in HeiLongJiangProvince.