The Empirical Research Of Capital Structure Of Chinese Listed Company

Capital structure problem is an important problem in enterprise financial decision. Since the publication of the value-invariance proposition by Modigliani and Miller, the theories of capital become more and more suit for our country is our question gradually. However, people are unceasing to try from new angle to explain the practice of capital structure. As we know, this theories base on the developed countries. Now, under the running condition of capital market in our country, it has practical significance to research the capital structure of the listed companies.Firstly the article introduces the capital structure theory and the research achievements (correlation document) of concerned structure of our country and the west. Secondly it analyses capital structure present situation of corporation gone on the market in our country including in capital structure's and capital stock's character of corporation and discusses the unreasonable aspects.The study chooses manufacturing industry, information industry and water electricity and gas supply industry (there are totally 120 companies in these three kind of industries), based on the financing data of the year of 2004. Firstly, using the one-way analysis of variance method to analyze if trade factor influence capital structure. Secondly, we put forward the empirical analysis of the determinants of capital structure. We find that the capital structure of Chinese firms have positive relationship with firm size, profitability, ownership structure and Growth.