A Postive Analysis Of Capital Structure Influencing Factors Of Listed Companies In Our Country And Its Optimization

The capital structure influence factor school has originally been a branch of dissociating from mainstream theory of the capital structure all the time, which was established by Baxter, Crag, Taub, Taggart in the 1970s. Marsh made important contributions to it later. Titman and Wessels combined the capital structure influence factor theory with the pecking order theory until it became part of the mainstream capital structure theory. The capital structure influence factor school has not only offered an empirical test of other capital structure theory, but also an operational tool to decide the optimum capital structure.Enterprise's capital structure means the ratio of the debt to total assets. The capital structure not only influences the capital cost and the performances of enterprises, the governance structure, the manager's behavior, but the overall economic growth and stability of a country or the area as well. Since different fund-raising of enterprises forms different capital structure, enterprises must consider the relation of the capital structure and business performance while the decision of raising funds is made. So, it is necessary to find out the influence factors of the capital structure. This paper uses many kinds of quantitative analytical methods such as Factor analysis, Regression analysis. Based on statistical data of some listed companies in our country, we carried on positive analysis of the main influence factor of the capital structure. We find out:(l) the best capital structure blocks of the listed company of our country;(2) the main influencing factors on the capital structure of the listed company in our country. Finally, we put forward optimizing capital structure measures on the basis of capital structure influence factor.