Research On The Influential Factors Of Capital Structure In Chinese Listed Companies

The capital structural theory which Myers called "riddle of the capital structure" has been always the center of financial fundamental research and the focal point of argument since the appearance of the MM theory.Due to the special institutional environment in China, there are huge difference between our county and western nation in some aspects such as economical development, financial deepening, and legal system which lead to The influential factors of Capital Structure in Chinese listed companies is also a " riddle". For example, the imperfect legal system, unbalanced development of capital market, flaws existing in corporate govern mechanisms. So which factors actually affect the Capital Structure choices of Chinese listed companies? How does institutional environment influence capital structure by company characteristic factors? Do macroeconomic factors and financial deepening procession remarkably influence capital structure choice? These questions all are subject to the theoretical analysis and the empirical examination.Taken our country's the 9th business cycle and the marketization of finance as a background, this paper has analyzed the forming process of Chinese Capital Structure under the dual function of external economical and financial environments and internal governing mechanism, then derive the main macroscopic environmental factors and company characteristic factors that decided the Capital Structure choices of Chinese listed companies. Meanwhile the paper has studied these factors' function and the degree of influence to the capital structure by empirical analysis.The part of empirical analysis mainly examined the influential direction and affected degree of the macroeconomic factors and the financial deepening factors to the capital structure. The results indicated that the change of capital structure of Chinese listed companies is counter-cyclical and financial deepening promotes the capital structure optimization of listed companies in the certain degree. Empirical analysis also show there is a negative relationship between stock market scale, actual loan interest rate, profitability, fluidity, income volatility and capital structure. We also can see a positive relationship between FIR, the bond market scale, the property structure, growth opportunities, size and the capital structure.This article finally put forward the policy-type proposal regarding optimization of Chinese listed company's capital structure acts according to the theory and the real diagnosis analysis from two aspects of improving macroscopic law, financial environment and perfecting company interior governance environment...