Study Of Factors Affecting Capital Structure Of Listed Companies And Optimize Response

Since the MM theory raised, relative to the United States and other more matural Western market economy environment, the modern enterprise capital structure theory research has made gratifying progress, its conclusions are closer to the actual. Where enterprise is a more fundamental principal independent financing, the budget constraints facing enterprises operating hardware; The entire financial market has become the determining factor for the existence and development of enterprises, and even business finance, corporate finance and financial markets is a mixed one. However, in the present and future more long period, China still in transition to a market economy in the process, enterprises here to a considerable extent, is not an independent financing enterprises, the mainstay of the unclear property rights issue is still fairly serious, lack of effective bankruptcy mechanisms binding; My basic environment from the operation of an enterprise more mature market economy is also far, and developed financial markets division, administrative and financial interventions to curb the phenomenon is still quite serious. "Enterprise" and its operating environment differences led to our capital structure of the enterprises with Western enterprises have entered the capital structure theory. Our data show that China's enterprises, especially listed companies, there is a strong preference for equity financing, and in extreme preference to the allotment of equity expansion pattern.Because of this, attempts to Dow China 88 Index for listed companies background, through empirical research on the impact of our capital structure factors listed companies make the analysis and to optimize our capital structure of listed companies to make recommendations accordingly.