| The decision of capital structure is one of the basic problems of corporate finance.The research of Capital Structure is at the core of the research of modern financial company(Drobetz and Wanzenried,2006),the study of the capital structure acquires more attention of the theory and practice from Modigliani and Miller proposed the MM theory in 1958.The state-owned enterprise is greater than the other enterprise in China, the national financial development is very unequal.These factors will impact on capital structure djustment. This paper based on previous studies and all the A shares of non-financial listed companies from 2008 to 2013 as samples, constructs partial adjustment model of capital structure and asymmetry model of the speed of dynamic capital structure adjustment, using fixed effects model examines the relationship among financial development, property rights and the speed of dynamic capital structure adjustment and asymmetry, further study examines the relationship between the government level and the dynamic capital structure adjustment,the interaction of financial development and property rights.The results of my paper show that:(1) As the level of financial development improved,the speed of adjustment of capital structure is faster and the asymmetry is smaller; The speed of private enterprise is faster than state-owned enterprise;(2) The listed companies controlled by central government operate more market-oriented, their speed is faster and their asymmetry is larger than local government-controlled company;(3) Relative to private enterprise and central government controlled company, the development of finacial has more effects to state-owned company and local government controlled company, the improvement of financial doesn’t change the condition of the speed and reduce the gap between private company and state-owned company;(4) The improvement of financial can reduce the asymmetry of the speed of adjustment of capital structure either pr company and state-owned company, private company reduce more. The improvement of financial can change the condition of asymmetry between private and state-owned company, it can make the asymmetry of private company smaller than state-owned company. |
