Empirical Research On Capital Structure Of Listed Corporation In China

Capital structure not only influences capital cost and enterprise value, but also influences the governing structure of enterprise, and influences the increase and stabilization of the macroeconomic by enterprise behavior and capital market. In 1950s, Modigliani and Miller put forward the famous MM theory. From then on, capital structure theory has got rapidly development than ever before, and which has played a very important part by which used in the economy field. But the capital structure theory builds on the developed merchandise economy, the consummate governing structure of enterprise and the bund source which is abundance and stabile. However, the economic is changing from planned economic to market economy in our country, which is not having the precondition of the capital structure theory, so the research of the enterprise capital structure in our country became more and more stringent. And it is likelihood to research the listed company capital structure of our country by the developing of the securities business.So this paper starts with west capital structure theory, analyses and compares the characters of the company capital structure between china and west developed countries, and research the effect factors of capital structure by the system characters of out country. And then, analyses the listed company capital structure and the influence of the effect factors which uses the correlative data of the listed companies.This paper has systemically researched the capital structure of Chinese listing company which adopts the quantitative and qualitative analysis. First of all, this paper comprehensively and synthetically introduces the capital structure theory, and tries to introduce the history course of capital structure by describing the each theory schools, and which prepares to study the capital structure effect factors. Second of all, it has researched the capital structure characters of Chinese company, and finds out the reason by the comparing the different from the west developed countries. Then it systemically researched the capital...