The Empirical Research Of The Factors Affecting Capital Structure Of The Listed Companies In Jilin Province

Since the naissance of MM-theory,many scholars commenced on the study. Research based on listed company focused in two aspects:research on the relation between capital structure and corporate value;research on factors affecting capital structure. The research from foreign scholars showed that the factors affecting capital structure include the profitable ability,size,growing ability,tax level,non-debt-tax-shield,uniqueness. The security market of China developed late in the 1990s,and the system was especial,so the capital structure of listed companies have different characters with foreign companies,the affecting factors are more complicated.The paper is based on the theories of capital structure which is learned and practiced from 1950,s. Then we analysis the determinants of the capital structure,and build a linear regression model,and analysis the relationship of the determinants of the lined companies,capital structure from the different years in Jilin Province.This paper employs the accounting data of nineteen listed companies in Jilin Province from 2001 to 2004 to investigate the relationship between varies factors and firm,s capital structure. The dynamics of leverage are also tentatively explored.There are three indicators in firm,s capital structure,asset-liability ratio,current liability ratio and long-term debt ratio. The determinants of the capital structure have system and non-system determinants. Because this paper is studied the listed companies in Jilin Province,we use seven non-system indicators. They are firm size,profitability,non-debt tax shield,growth,tangibility,ownership structure and firm governess structure which are based on the issues of empirical study.The results suggest that the capital structures of our listed corporations are different comply from those of the empirical analysis in developed countries,...