The Research Of Capital Structure Underthe Currency Change

With the development of China’s stock market and the continuous improvement on theB-share market problems are gaining more attention again. B shares held by the companyin the financing function is also waning. In this context, exchange rate movements and thedevelopment of the theory of capital structure under the current economic environment, theB-share listed by companies financing policy analysis, combined with normative andempirical methods to find the factors that influence the capital structure and investmentand financing policies, and constructive comments and suggestions for the futuredevelopment of B shares.This paper first introduces the background and scholars who study the problem ofexisting research findings, after combining factors of exchange rate changes and inflation,the current capital structure of listed companies to study B shares.and then, this paperselects the96B-share listed companies in Shanghai and Shenzhen that in2010-2012as thesample,use the software of SPSS, analyzes the factors that affect our B-share listedcompanies’ capital structure through multiple linear regression method, put forward thecorresponding observations and recommendations.Through the research and analysis, this paper considers that the capital of China’sB-share company structure has the following characteristics: exchange rate movements andinflation will choose the capital structure of listed companies have an impact, the averageasset-liability ratio of listed companies with considerable; overall total liabilities Currentliabilities most; shares of listed companies is relatively concentrated; managerialownership is relatively low in other listed companies. While B shares are listed on thefactors affecting the company’s capital structure empirical studies show that: the overallsize of listed companies, growth, profitability, non-debt tax shields are showing thecorrelation between asset-liability ratio; collateral value of assets, the proportion ofcorporate shares, the first major proportion to their shareholding had no significant effect.