Adjustment Factors That Affect The Rate Of Bank Capital And Dynamic Perspective Of The Structure Of The Market

The problem of capital structure is one of the important issues of corporate finance theory, capital structure is reasonable or not directly related to whether the enterprise can achieve the maximum value, related to whether the enterprise can acquire sustainable development. Started with MM theory, the capital structure theory has been focusing on the existence and determination of the optimal capital structure. As the financial market becoming more complex, the uncertainty of the market has been increased gradually. Based on it, the dynamic capital structure theory has been gradually developed. In the background of global financial crisis, financial capital has been strictly supervised. Financial safety and operation efficiency is directly related to the long-term development of the real economy. Especially in recent years, more and more Chinese bank is listed, and plenty of capital has been obtained as the supplement. At the same time, how to adjusted the capital structure to the best situation is becoming one of the most important practical problem which the listed banks faced. As a result, two issues go first:First one is how can Chinese listed banks carry on the optimization of capital structure. This issue related to the research in the influence factors of capital structure. Only when we find out the determinant of the capital structure in a dynamic perspective, can we really know how to adjust capital structure efficiently. Second one is that what is the current situation of Chinese listed banks adjusting their capital structure. This issue related to the research in finding out what the adjustment speed is. Only when we find out the adjustment speed, can we understand the current situation of our country, and then put forward effective countermeasures.In this context, based on the reviews of capital structure theory and researches of domestic and foreign scholars, choose listed banks in our country as the research object, this article carries out the following research:First of all, from three aspects analysis, which is the mode of financing, the capital characteristics and the capital structure characteristics, we has confirmed the reality basis and practical value of the research; Secondly, analyze two major concerns of this paper, which is "influence factors" and "adjustment speed", and combined with the research results of characteristics analysis, we put forward three hypotheses, and by constructing panel data model, partial adjustment model and vector auto regression model, we try to carry on the empirical test in both overall and classification view, and then briefly introduce the estimation method, such as generalized method of moments; Thirdly, after managing variables and sample data well,we conduct empirical test by using statal1.0software. The overall estimation results show that, the dynamic model explanation ability is stronger, the size, profitability, ownership structure, capital adequacy are more significant impact on our listed banks’capital structure, and dynamic adjustment speed is relatively slow; classification estimation results show that, there is a difference in determinants of capital structure of different categories of banks, and compared with large joint-stock commercial banks and local banks, the adjustment speed of state-owned commercial banks is relatively slow. Therefore, on one hand, every bank should optimize their capital structure based on their own characteristics; on the other hand, the regulatory authorities should deepen the market reform, relax the unnecessary restrictions, so as to realize the liberalization of capital structure adjustment.