An Analysis Of Capital Structure Of Chinese Listed Companies Based On Property Relations

With Chinese capital market unceasing development, the listed companies play the more and more vital role in the social economy life. The obvious separation of the property rights and the domination of the joint stock companies cause the enterprise capital structure more and more important day by day .The reason for this is that it not only decided the company government structure and the company value on microscopic, but also affects the social resources allocation on macroscopic. Meanwhile in view of the fact that Chinese listed companies grow up in the unique economical switcher system environment, and the property relation is the most basic and most important institution in the institution gathers. Thus this article chooses to study the capital structure of the Chinese listed companies from the property relation angle of view and it both has the important theory value and the very strong practical significance.First, this article introduced the basis of choose the topic, the capital structure correlation concept, the institution analysis method as well as the paper research mentality and the structure arrangement in the introduction. In the article, it pointed out the capital structure ought to be able to portray the enterprise property right characteristic, thus for the Chinese listed companies, the capital structure concept should include the following essential structure factors: The public stock capital accounts for the total capital proportion, the public creditor's rights accounts for the total capital proportion, the personal stockholder's rights capital accounts for the total capital proportion and the personal creditor's rights capital accounts for the total capital proportion.In the second chapter, this article described the capital structure general characteristic and the property right characteristic of Chinese listed companies and inspected its evolution process. Chinese listed companies major part is the country directly or indirectly controlling the interest, the national ultimate controlling stock proportion unceasingly drops extremely;The property ratio of debt to net worth obvious issomewhat low also drops year by year. The Chinese listed companies display an intense like to equity financing. What reason facilitates this kind of situation? What affect the Chinese economy's development will have? This article draws up from the Chinese special property relation background embarks, and carries on the analysis to the above question.In the third and the fourth chapter, First this chapter redefined the joint property on the basis of introducing the western property right theory in the generality and pointed out that it is the understanding key of the property right theory. Then we use the joint property model to reread the western capital structural theory and point out the common property relation meaning of various theories branch.Fifth chapter it proved that the change of the basic structure property right from government oriented decides the capital structure production of the Chinese listed companies, and its development and its present situation. It was precisely the present situation creates the property rights of society dislocation, the country to control the excessively many social economy resources, the social economy benefit to drop on macroscopic and the property right of enterprise dislocation, the enterprise governing structure to expire, the modern enterprise system to be formed with difficulty on microscopic. Along with economical switcher thorough, country will turn the starter of optimizing capital structure to its hindrance.Finally this article put forward the corresponding proposal in view of the above findings.