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Research On The Influential Factors And Effects Of Capital Sturcture In Chinese Listed Companies

Posted on:2005-03-15Degree:MasterType:Thesis
Country:ChinaCandidate:F M LiuFull Text:PDF
GTID:2156360122997724Subject:Accounting
Abstract/Summary:PDF Full Text Request
By April of 2003, there are 1224 listed companies in our country. The Total value of market price is 3,832,913 million Yuan, which accounts for 37. 43% of 10,239,800 million Yuan of the GDP in 2002. The listed increasing companies have already become" barometer" of the economy of our country. The capital structure is regarded as an important aspect to weigh financial situations and management abilities of the listed companies. This text is exactly to research on the influential factors and effects of the capital structure.First, this paper introduces the theory of the capital structure, from the early to the modern capital structure theory (including: the theory of MM, balanced theory, new capital structure theory, new excellent preface financing theory, the controlling theory, the signal transmits theory, the agency's cost theory). Then, combining the reality of our country, the paper analyzes and summarizes the inner and outer factors, which influence the capital structure of listed companies of our country. Through the study on characters of the capital structure of listed companies of our country, the research finds that the listed companies of our country have the following problems: the structure in debt is unreasonable and the level of the current liability is on the high level; the companies prefer stock financing to debt financing; stocks of not circulation account for the majority. The reasons of that are: the financing cost of stocks financing is lower than that of debt financing; the stock structure is special in the listed company of our country; the investor's qualities are low; the financing venture of stock financing is lower than that of debt financing; the stock market is not in balance; the manage structure of the listed company is not perfect.After fully empirical research, it Draws that: there is not obvious dependence in profit quality, real income tax rate of the enterprise, the net flow of cash and capital structure; management ability, development ability, company scale, stock right circulate degree are relevant to capital structure; earning capacity, debt paying ability, net flow of cash in businessactivities, assets structure and asset-liability ratio are shouldered relevantly to the capital structure; there are obvious dependence between the trade factor and capital structure.Combining the current situation of our country, this paper describes the lever effect and managing effect of the capital structure in theory and practice. At last, the paper puts forward advices to optimize the capital structure: perfecting the capital market, especially bond market; perfecting company management structure and setting up system of modern enterprise: realize clearly belonging, right and responsibility clearly, protect strictly and circulates smoothly.
Keywords/Search Tags:Listed Company, Capital Structure, the Influential, the Effect
PDF Full Text Request
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