Study On Property Right Reform Of Listing Corporation Capital Structure

In2004the outbreak of the "whirlwind Lang" has caused great influence and attention, the incident set off an upsurge of enterprise reform, because in our country is in economic transition period under the special background, especially the capital structure of China’s listing Corporation is influenced by both external factors and internal factors of the system background, the capital structure decision-making behavior will affect the capital structure of the enterprise, also has the corresponding change. Research on the ideas, the theory of capital structure has a large number of mature theoretical research results in foreign countries, especially in China during the period of the listing Corporation is in the property rights reform, and Chinese scholars on the relationship between them and the study of change because of its reform is still relatively rare.In this paper, and to reform the system of property right as the base point of the research, trying to through empirical analysis method, to the enterprises after the reform of property rights, what happens to the capital structure of the listing Corporation. Because of the special period the development of listing Corporation began in the economic transition, so the choice of capital structure of the listing Corporation as the object is typical, the paper includes four parts:theory review, research hypothesis, model, empirical research; through summarizing the domestic and foreign researchers in theory and view the related literature, carries on the theoretical analysis of the factors influence of capital structure of China’s listing Corporation, attempts through to the capital structure theories to the development process of the capital structure, the theory foundation for the next analysis of the capital structure change, and in Tianjin city listing Corporation as the research object, select the portion of its capital structure of financial data for samples,:asset liability ratio, equity ratio and so on as the main measure of corporate capital structure, and the correlation and multiple regression analysis of statistical methods for the above indexes, put forward the hypothesis, through the establishment of mathematical model to study the capital structure of the listing Corporation in the changes before and after the reform of property rights, based on previous empirical research, this paper from the companies and national policy are given in this paper. Suggestions, finally, based on the results of empirical tests were collected and summarized in detail, also pointed out the deficiencies of this paper.