Research On Factors Influencing Capital Structure Among Industries Of Listed Companies

Capital Structure Theory is the hotpoint and front portch of economics and finance management at prsent. In 1958, Modigliani and Miller proposed, based on the specific perpose, enterprise's value is irrelevant to its capital structure, namely MM theory. Ever since, the issue of enterprise capital structure becomes one of the most controversial topics in the financial field of western companies. At present, the study on capital structure of listed company mainly is concentrated on two respects: First, the mainstream theory of capital structure, which is based on MM theory, studies the relation between the capital structure and enterprises' value emphatically; Second, capital structure decisive factor school, which is also based on MM theory, studies the influence factors of capital structure emphatically. This dissertation focuses on the latter.Industrial economics is economics studying industry and its development regulations. Its research object is an industry, based on the society division. The industrial economics is the gathering of the same character enterprise or unit on the production and servise. The industrial structure theory is the main content of industry economics. Factors influencing Capital Structure is numerous, including macroeconomics factors, financial factors, governance structure factors, etc. Articles studying on Capital Structure are also many, but there is almost nothing based on industry. This dissertation delicates to combination the Industrial Economics and Capital Structure, and study the Capital Structure's characteristics and its influencing factors of listed companies among industries. It is meaningful to the improvement of governance structure, the optimization of tactics and the standardization of behavior conducted by companies, formulation policy of financing demand, and supervision measures on the basis of industries characteristics from policy maker.This passage includes six parts. The introduction mainly presents research purpose, research meaning, domestic and international current research situation, research contents, research approach, technique route of this passage, etc. Then it summarizes the theoretical foundation to capital structure and industrial economics. The Third and the Fourth part are the key points of this passage, on the basis of drawing lessons from the modern companies' capital structure theory in combination with actual conditions of our country. It conducts comparing analysis on characters of the capital structure among industries of listed companies, macroeconomics factors influencing capital structure of listed companies in China. According to the new data of sampled listed companies, choosing correlating parameters, establishing mathematical model and carrying on real example analyses and undertaking multiple linear return analyses, in order to study on divergence of factors affecting capital structure among industries. The fifth chapter is dealing with policy recommendations. In the end, there is a brief conclusion.