Research On Capital Structural Problem Of B-share Listed Corporation In China

Carries on along with A-share listed corporation equity division reform B-share listed corporation's reform is soon mentioned. Under this background, this thesis based on capital structural theory and the developed country research experience, regarding of capital structure the research is conducted to discover the existence the question, and gave constructive comments in view of the question.This article has first made the summary to the capital structural theory history, Secondly, the essay reviews B market development course, elaborated Bmarket localization and proposes the author viewpoint. Analyzing B-share listed corporation creditor's rights structure, the stockholder's rights structure characteristic and its influence to the financing behavior; what's more, this essay selects 78 B-share listed corporations to as the samples from 2003 to 2005, taking its annual report data as basis and utilizes SPSS (Statistical Product and Service Solutions) software, in order to analyzed Influence factor to B-share listed corporation capital structure through linear return method.Through the research analysis, this article argue that, our country B-share listed corporation's capital structure have the characteristics: the average property debt rate is close to listed corporation's average level; In the total debt the current liability accounts for the quite great proportion, even nearly a half company's long-term debt is zero; the stock type are more; stockholder's rights relative centralism; the management holds the stock to be lower. At the same time, through real diagnosis research to Influence factor of B-share listed corporation capital Structure, may see that the company scale, the growth are significantly positively correlated with property debt rate. The profit ability, the non- debt tax shield is in negative correlation with the property debt rate; But the property guarantee value, the law annual bonus proportion, the first major stockholder stock proportion held have not remarkable influence on the capital structure.