Based On The Economic Cycle Of China's Listed Company's Capital Structure Choice Empirical Study

To the formation of MM theory, marked by the capital structure theory can be broadly divided into the early capital structure theory and modern capital structure theory. However, regardless of early or modern capital structure theory, its foothold in the expansion or contraction are business, how to arrange its capital structure to achieve the enterprise's market value maximization. However, the firm's capital structure and optimization of the arrangements for the adjustment process is a multi-factor effects of complex behavior. For capital structure optimization, relevant scholars at home and abroad have done a lot of research, but in today's economic fluctuations, the traditional theory of capital structure optimization of the existence of defects, have been inconclusive. Dimensions of the economic cycle under the influence of the capital structure of listed companies in China choose to study the issue will contribute to China's real economy as quickly as possible out of the shadow of the impact of the international economy, to promote their healthy development, and at the same time and may to some extent improve the traditional capital structure optimization theory. This paper is the optimization of capital structure in the pursuit of objective, based on the economic cycle, this empirical analysis the external macro environment of China's listed company's capital structure choice.Capital structure theory tells us that a company's capital structure, capital structure formation of various factors affecting the result of, not only including the company's characteristic factors, including industry factors and macroeconomic factors.(1) international research scholar of factors affecting capital structure are also regarded as a variable industry factors applied to the study of the abstract model, while the company's financing capability, the possibility of bankruptcy and tax, are also the industries in which the company is associated can see that the industry attributes the company's capital structure has an important influence is obvious. As a government action in the transition economies developed under the guidance of the Chinese securities market, with the markets of developed countries have significantly different characteristics, so China's enterprises of industry differences in capital structure studies, help us to explore in our country such an economic and political environment, whether a company's capital structure optimization of the existence of space. In this paper, the economic cycle, the macro-factors on the impact of capital structure, capital structure throughout the industry on the analysis of characteristics among the empirical testing found in this article listed companies in China's capital structure between the different lines of business showed significant differences, there is space for the capital structure optimization. The same time, empirical analysis found that the dimension in the economic cycle under the influence of differences in capital structure by industry factors that explain the different degrees, systolic capital structure by industry factors that explain the differences in the intensity of 6.5% is much larger than the interpretation of expansion degree of 3.5%, in the capital structure optimization of the degree of contraction than expansion.(2) For corporate identity factors, such as the empirical analysis in this paper focus on company size, profitability, earnings quality, growth, asset structure, operational capabilities, and whether the income tax burden on capital structure impact the direction of impact and extent of and the introduction of the concept of the economic cycle under the premise of the importance of its sort. In this paper, the principal component of China's practice of data analysis found that the economic contraction and expansion factors affecting the level of debt there are two differences:First, the operational capacity expansion in the economy the level of corporate debt have an impact in the economic contraction view that it does not become the influencing factors; Second, earnings quality and degree of influence on the levels of debt contraction in the economy is much larger than the economic expansion. The contraction in the economy, the factors that influence the level of debt is more concerned about the effectiveness, not efficiency.