Empirical Studies On The Relationship Between The Capital Structure And Maximization Of Share Holder-weathy Of Listed Companies Of Our Country

This paper based on the data from Shenzhen and Shanghai stock market,Firstly, analyse characteristic and affect facts on the capital structure of publicly listed firms in China, especially analyse the relationship between capital structure and firm value of listed companies in China, druing the analyse, select price - net capital ratios as the index to express of the shareholder- weathy,and capital - debt ratios as the index to express of the capital structure ,then ,built the model on MM theorey,and use segmenting model , Finally,select seven listed firms data(1994-2003)use randomly sample , The result of the empirical test indicate that the shareholder- weathy is relevant to the capital structure of listed companies,This result provides the evident of the use of MM theorey in our publicly listed firms, and alse indicates how to eslamite the best capital structure of listed companies. Then provide some guidance for shareholde bank and manager of listed firms ,also cross sectional analyse on listed firms data(2004),the result is that the shareholder-weathy is irrelevant to the capital structure of listed companies, after analysis the reason is counteract each other in all because the value of the best capital structure is not equal .So paper think only can use vertical analysis on listed firms for the relationship on shareholder- weathy to the capital structure.