Analysis On The Influential Factors Of Capital Structure In Chinese Listed Companies

Capital structure is a centralized reflection of shareholders' rights and obligations, which determines the managing structure of corporations, and has further influences on their behavior characters and value. Rational capital structure benefits the behavior and the value of firm, otherwise unreasonable capital structure confuses the behavior. After being researched continuously, the theories on the capital structure become relatively perfect. However, empirical studies about capital structure are not too many in listed companies of China. In order to optimize the capital structure, determinants of capital structure should be analyzed firstly. Most studies reveal that the capital structure of the listed corporations in our country conflicted with those theories. In view of these issues, the thesis studies determinants of the capital structure of listed companies in China.First the thesis introduces the capital structure theory and the research achievements of concerned capital structure of our country and the West. Then it introduces the macro factors that influence the capital structure. It is concern empirical proof analysis on the micro influential factors to being gone on the market in our country. The paper arrives at and explains the general conclusion: the major influential factor of corporation capital structure. At last, the thesis puts forward the suggestions to improve the unreasonable conditions of corporation capital structure.