The Empirical Study On Influential Factors Of Capital Structure Of Chinese Listed Companies

To make capital structure optimization is an important issue of corporate finance. Since the birth of MM irrelevance theory, the economic circles have been paying intensive attention to the theory of capital structure in enterprises. Although scholars in economics in the west have theoretically elaborated the factors, which contribute to the formation of the optimal capital structures in enterprises, the results of positive examination are not completely consistent due to the economic complexity and peculiarity of economy in each country. So it is very important to make a study on factors that influence the Chinese listed companies' capital structure.The study is just to analysis the influential factors that affect the capital structures in Chinese listed companies. The content of this study is shown as follows:(1) Whether the theory of capital structure in the west can explain the choice of capital of Chinese listed companies.(2) To determine and sift the factors that might influence Chinese listed companies' capital structure.(3) What are the factors that affect the capital structures of Chinese listed companies?(4) To make an explanation of influential factors that affect the capital structures of Chinese listed companies.The study chooses foodstuff industry, textile industry, drug products industry, transportation industry, information technology industry and estate industry (there are totally 283 listed companies in these six kind of industries), based on the financing data of the year of 2001. Firstly, utilizing the one-way analysis of variance method to analyze if trade factor influence capital structure. Secondly, choose foodstuff industry listed companies and information technology industry listed companies to make a comparison study on financial feature factors that influence capital structures, using the factor analysis method. Then, base on the result of the above study, to make a verification of the relationship between capitalstructure and holding structure of the two kinds of companies. The result shows:(1) There are remarkable differences between diversity trades of listed companies.(2) The capital structure showing significant difference among difference trades of companies.(3) The fact in China can't be explained by Myers's pecking order theory.(4) To the information industrial listed companies, the holding or not of the nation is one of the important influential factors in the choosing of enterprises' capital structure, and the role is less prominence to the foods industrial listed companies.