Research On The Influencing Factors Of The Dynamic Adjustment Of The Capital Structure Of Listed Banks In China

The optimization of capital structure is the foundation and guarantee for the realization of the value maximization of listed banks and the maximization of shareholder"s benefits.It is also the key for listed banks to keep their competitive advantages and sustainable development.With the diversification of capital access channels,the dynamic adjustment of the capital structure of listed banks has become a practical problem to be solved with the listing of commercial banks in China in recent years.However,due to the internal factors of listed banks,the development of capital market,the level of economic development and macroeconomic policies,the adjustment of capital structure of listed banks has been affected.This study focuses on the dynamic adjustment of the capital structure of listed banks have an important impact on the speed of bank characteristics and macro environmental factors to examine the impact of these factors,It has important theoretical and practical significance to further optimize the capital structure of listed banks in China and to raise the value of listed banks.The main purpose of this study is to study which factors have a significant impact on the speed of capital structure adjustment of listed banks in China,and put forward reasonable suggestions on this basis.In order to better understand the theory of capital structure,the paper first reviews the relevant literature at home and abroad,as a basis for the study of China’s listed banks as the following research:Firstly,it analyzes the capital structure and the structural characteristics of listed banks in China,which is the realistic basis of this study;Then the paper makes theoretical analysis and model construction of main research parts,by building a partial adjustment model and dynamic adjustment model of capital structure using the unbalanced panel data of listed Banks since 2008,the quantitative analysis of China’s listed Banks capital structure dynamic adjustment speed and its influencing factors,and a brief introduction to the estimate of the article using the method,followed by a further research on articles listed Banks’ capital structure adjustment speed factors related theory is analyzed.Finally,according to the selected model and empirical method,through to the related sample index selection,using STATA software to carry on the empirical analysis.The empirical results show that:(1)the same with the general company,listed bankscapital structure exists;(2)different listed Banks in our country at the same time and same listed Banks at different times,there are significant differences in their capital structure adjustment speed;(3)the vast majority of the listed Banks in our country for the adjustment of capital structure is characterized by partial adjustment,and did not make any adjustment or full very little;(4)factors listed banks recapitalization speed,the micro-factors listed banks’ growth,profitability and liquidity of significant impact,while the size of listed banks and deviations affect the optimal capital structure is not significant degree.At the macro environmental factors,GDP growth rates and the money supply have significant impact on listed banks’ capital structure adjustment speed.