Study Of Capital Structure Of Chinese Listed Companies

Optimizing capital structure and setting up modern enterprise system havebecome the hot issues present in economical and business circles of china, which needfurther investigation. After joining WTO, our listed companies face new opportunitiesand challenges, and how to set up scientific and rational capital structure is animportant subject demanding urgent answer from the theory and practice. And theoptimization of the capital structure of listed companies is the key point of solvingabove-mentioned problems. The research and exploration of capital structure are soimportant and its reality and urgency are indubitable.The thesis has reviewed the development of capital structure theories at first, andanalyzed the production background and conditions for use of various kinds oftheories, which establish theoretical foundation for the research. Then,administration effect of capital structure and current situation of capital structure ofour listed companies were discussed, and existing problems were found. In chapterfive, the thesis has separately carried on positive research on listed companies indifferent industries, and set up plural linear statistics model. With progressive regressmethod, the relevant factors influencing capital structure was found. On the basis ofsignificance analyses on above factors, with relevant model, the thesis has proved.Finally, on the basis of the current situation of capital structure of china and relevantinfluencing factors, combining with theoretical achievement, the thesis has separatelyput forward the suggestions for optimizing capital structure in macroscopic andmicrocosmic way.Innovation of the thesis mainly lies in the introduction of industry division incapital structure analyses, which makes the research results more pertinent, preventsdrawing a casual conclusion after regression on overall listed companies, and points aclear direction for optimization goal decision. In addition, the validation of thesuitability of trade-off theory and pecking-order theory in our listed companies isdeficient at present in china.