A Research On Capital Structure Of Listed Company In China

The capital structure is different kinds of funds account for total capital of the company. Since 20th century 50's, the capital structure research always is one of important contents of corporate finance researching, which has yielded a lot of remarkable results. Our country's capital market has begun to take shape after more than 10years developed, Up to 2004,the listed companies on the market have already went to achieve l,377,the listed companies have been become the main force on our country economy development. But, most of the listed companies come from the original state-owned enterprise which have been changed the system, Although leaves the form has not traded the essence actually, the capital structure of listed company is incompatible, The adjustment company capital structure call is more and more high. This needs the appropriate theory to carry on the instruction, But our country present stage is also actually backward in this aspect research.Choosing a reasonable capital structure is a core duty of a company decision-making under the opening market economy condition. It not only relates to company's profit ability and the capital return but also has an important infection to the developing prospect of a company. Owing to the question leaved behind after changing the system, enterprises in our country struggled to finance on market. Even if stock market was so murky last year, nearly 90 companies also went on market to finance. After going on market, companies massively increased and expanded the stock to finance. On the contrary, some overseas listed companies (the listed companies in America), gradually buy back their stick and issue bonds instead. According to the traditional capital structural theory analysis ,the conclusion which is bonds financing will be advantageous. By analyzing the best of financing cost and financing preference of listed companies in our country, the article discovered there was inconsistence in financing structure of listed company in our country compared with the capital structure in developed country and carried on a thorough analysis.First, embarked from the theory, the text made a summary to the capital structural theory development, and analyzed main content of each kind of theory briefly, and introduced quantitative research findings basing on each kind of theory. Accordingly, the thesis can have a reference.Next, after has understood the related theories, the thesis compared the capital structure of America,Japan and some developing countries, and then illuminated the characteristics of capital structure in our country briefly.Then ,after has provided the corresponding theoretical analysis and the international comparison and has drew the certain theory conclusion, the thesis study the factors further by quantitative research method which influence the capital structure and the relations between these factors and capital structure. The datum come from average financing data of listed companies which went on market before 1999, and they are from 1999 to 2003. From the analysis ,the thesis obtained conclusions on capital structure which were mostly accorded with capital structure theories. While, the thesis drew an opposite conclusion on growth. It was inevitable that discovered the...