Comparative Study Of Family And Non-family Business Capital Structure Factors

Family business is different with non-family business in funding of business established, separation of ownership and management, and level of enterprise management systems. According to family and non-family business characteristics and flaws of existing studies, this modern capital structure theory, with reference to domestic and international research literature on Chinese family with non-family capital structure of listed companies Empirical studies have the impact of capital structure of different factors, the nature of general conclusions, while the nature of corporate capital structure optimization of different proposals.The paper is composed of six parts.The first part discusses the significance of this study, the main content and limitations, and review the existing research;the second part of the modern capital structure theory, including the trade-off theory, Pecking Order, liabilities, agency theory and control theory, for the comprehensive review; The third part discusses the meaning of family business,and family and the basic characteristics of non-family business, a comparative analysis of capital structure; fourth part in the third part of the comparative analysis based on the domestic and international capital structure theory and empirical research findings, on the capital structure factors were analyzed and summarized, put forward the hypothesis.Analysis and design of the selected samples and variables, data sources and methods;the fifth part of the empirical comparative analysis of the Capital Structure of Chinese family with non-family business capital structure, empirical analysis of conclusions drawn;6th section summarizes the main conclusions of this article,and try to influence capital structure factors from the perspective of capital structure optimization of several suggestions.The main conclusions of this paper are:My family and non-family differences in capital structure:My family business assets and liabilities ratio,current liabilities ratio was significantly lower than non-family businesses.My family and non-family businesses are different Determinants of Capital Structure:With the nature of different businesses, because of the different variables, the number of factors ranging from1-3to enter the regression equation of different factors. The same factors on the Chinese family with non-family businesses different levels of capital structure:even if the same factors on family and non-family business has an impact, but with the nature of different businesses, the impact strength of different sizes.