Empirical Study On Determinants Of Capital Structure Of Chinese Listed Companies In Different Industries

Since Modigliani and Miller put forward the famous MM-irrelevant theory in 1958, the issue of capital structure in enterprises has been the focus among financial academics and practices. Capital structure is a centralized reflection of main shareholders'rights and obligations which determines the managing structure of corporations, and has further influences on their behavior characters and value. Although scholars in economics in the west have theoretically elaborated the factors, which contribute to the formation of the optimal capital structures in enterprises, the results of empirical study are not completely consistent due to the economic complexity and peculiarity of economy in each country. So it is very important to make a study on determinants that influence the Chinese listed companies'capital structure.Resorting to the western capital structure theory and reference of latest research achievements at home and abroad, the author offers an empirical analysis on the determinants of capital structure of Chinese listed companies in different industries and educes some general conclusions on the mainly determinants and makes some suggestions to optimizing capital structure.The whole dissertation is divided into six parts: Part one. The author introduces background, significance and incentives, main content and technological route, methodology, definitions of capital structure, break-through points and limitation of the research.Part two. Regarding time as the coordinate axle, the author introduces the early capital structure, the modern capital structure theory and the new development of capital structure.Part three. According to the theory and conclusions of empirical study at home and broad, the author analyzes and summarizes the factors that might influence companies'capital structure.Part four. The author gives an empirical study on the industrial characteristic of capital structure of Chinese listed companies. Part five. The author put forward the empirical analysis on the determinants of capital structure of Chinese listed companies in different industries .Part six. The author put...