Research On Capital Structure In Family Listed Corporations Under Pyramid Structure

In this paper, take the 303 panel data of Chinese A share listed companies as samples of family firms during the 2007-2009. In this study, take the ultimate shareholder control as explanatory variables, the ultimate control by the interval is divided into three categories, (20%,30%),[30%,50%],(50%,100%),research the relation among ultimate shareholder control,Cash flow right and capital structure.The article is divided into four parts, the first part puts the problems to study, and review the related literature at home and abroad. The second part introduce the related theory, emphatically the relevant theories of pyramid structure and capital structure, In the third part, built model to research, The fourth part is the research conclusion.The empirical results show that, When the ultimate control is in the (50%,100%), the listed family business's cash flow rights and asset-liability ratio, current liabilities ratio are significant positive at 1% level, the cash flow rights and bank borrowing rate are significant positive at 5% level; When the ultimate control are in the(20%,30%), [30%,50%], the relations among the cash-flow rights and asset-liability ratio, liquidity ratio of liabilities, bank lending rates are non significant.