Empirical Analysis On The Influential Factors Of Listed Companies' In Liaoning Province

Capital structure is proportional relations of all sorts of corporation capitals, which reflects the various shareholders'rights and obligations and affect the corporations' governance structure and also affect corporation value. Many domenstic and foreign scholars has analyzed the influential factors of corporate capital structure from the angle, of empirical analysis, thus it can provide the basis for corporate capital structure optimization design. This paper mainly focuses on analysis of a regional capital structure influential factors, that is to say that this paper makes the preliminary study on influential factors of listed companies of Liaoning province. Liaoning province is regarded as the leading of revitalizing the northeast old industrial base, which capital sructure optimization influences the corporations'development direction and corporation value directly, and also influences the development of whole northeast. Meanwhile capital structure optimization of Liaoning province also can provide a reference sample for the regional capital structure optimization.Part 1:introduction, firstly, the paper introduces the background and significance of the study to clear the purpose and the significance of the paper. The domestic and foreign literature review can summarize and reference the predecessors'theoretical results especially the empirical analysis results, it can make the paper more theoretical depth. Then it introduces the research thought and research methods. Finally it provides the paper's mainly innovations.Part 2:it defines the concept of capital structure and then introduces several capital structure theories which can be used in the following study, such as the balance theory, the signal theory, the agent theory, the pecking order theory and the the control theory.Part 3:the paper study begins to introduce the listed companies of Liaoning province. First it introduce the basic situation of eonomic development of listed companies in Liaoning province. Then it analyse the notable features of listed companies in Liaoning province, as the level of asset-liability ratio is not high, debt structure is unresonable, equity financing is preferred, capital structure scatters distribution, equity concentration is high and liquidity increases year by year. And then it provides the influential factors of capital structure and mainly introduce the probable influential factors which are related to the listed companies in Liaoning privince, the profitability, the company scale, the growth, the non-debt tax shield, asset collateral value, equity structure.Part 4:the paper extracts the samples, propose the hypothesis and construct a model to make empirical analysis according to the background and the current situation of listed companies in Liaoning province. First it makes the correlation analysis for the effective factors to make sure whether there is the existence of multiple linear among them. The stepwsie regression is used to regression analysis to avoid the multiple linear and to draw the significant factors to capital structure. ROA and the operating margins are negatively related to capital structure, ROE is positively related to capital structure, total assets is positively related to capital structure, the non-debt tax shield is negatively related to capital structure, operating income is negatively related to capital structure, total assets growth ratio is positively related to capital structure, asset collateral value is positively related to capital structure, state-owned and corporate share ratio are positively related to capital structure.Part 5:the paper puts forward the constuctive suggestionns for capital structure optimization of the listed conpanies in Liaoning province, according to the conclusion of empirical analysis and actual situation of Liaoning province.The paper has the innovations as follows. It makes the empirical research for the regional influential factors of capital structure which makes the Liaoning province as the research object and is on the basis of capital structure theories and summarization of empirical analysis at home and abroad. The paper analyse the impact of the effective factors of capital structure using multiple indexes to represent a factor, improving the situation before that an index stands for a factor. Although it may be the problem of multiple linear, it wouldn't miss the important indexes. This paper uses the method of stepwise regression to solve the problem of multiple linear effectively and to enhance the explanation of the model. The opinions and suggesstions for capital structure optimization of listed companies in Liaoning province are provided with the result of empirical analysis and current situation of Liaoning province, so they are so targeted.