Differentiation Characteristics Of Listed Companies’ Capital Structure

For scholars around the world, the capital structure has long been the topic that are worthy of being studied. Not noly can the reasonable capital structure of listed company help to improve corporate governance, but also it can optimize resource allocation and improve economic efficiency. In all the topics related to the capital structure, the differentiation characteristics of the capital structure of listed companies get more concerns and researches from the academia and practice circle.Bank has a great influence in China’s financial system and listed companies rely on bank lending according to all the researches. At the same time, in order to ensure that they can get their loans back timely, banks will exanmine all the aspects of the listed company to control the credit risk. Thus, from the perspective of bank credit risk control in this article, we will divide China’s listed companies into four categories: listed companies of different industries, listed companies of different ownerships, listed companies of different sizes, listed companies of different profitabilities. And we will discuss the differentiated features of these four kinds of listed companies’capital structure.Unreasonable capital structure of listed companies in China resulted in high financing costs or debt crisis and other issues, thus optimizing the capital structure of listed companies has very important significance. Combined with previous exploration in related fields, we make the empirical study on the relationships betwwen capital structure and the industry’s prospect, the nature of ownership, size, profitability of the listed company. Then we will discuss the differentiated features of these four listed companies’capital structure and make proposals to optimize the capital structure of listed companies in China. Topics include:Firstly, we propose the model to study the relationships between characteristics of four kinds of listed company and the capital structure, and we collect the data of listed companies in the exchange of Shanghai and Shenzhen from2002to2012; Secondly, we apply the mathematical statistics to study on the relationships betwwen capital structure and the industry’s prospect, the nature of ownership, size, profitability of the listed company, and we explore the capital structure characteristics of listed companies in the above four categories and talk about the rules and problems;Finally, using the results of empirical research, we will put forward reasonable proposals to optimize the capital structure of listed companies in China, and improve the listed companies’efficiency of financing and operating performance.This study has great significance to enrich the analysis of differentiation characteristics of the listed companies’capital structure and to solve the main problems existing capital structure of listed companies as well as to optimize the capital structure of listed companies.