The Development Trend And The Affecting Factors Analysis Of Capital Structure Of Guangxi Listed Companies

Capital structure theory has always been one of the most controversial topics in Finance. The reasonable capital structure is the requirements for enterprises to become main competition in the market and become modern, the construction of the capital structure has a positive and far-reaching significance in the construction of listed companies modern enterprise system and the Chinese economic development.Through literature review and analysis of the statistics describe, Guangxi listed companies capital structure is irrational, the circulation stock shares of the equity structure is still relatively low, current liabilities is the high proportion in debt structure, source of liabilities is overly dependent on bank borrowings. Based on the current study, a combination be the empirical analysis which are factor analysis and multiple regression analysis. The results of the analysis show that: total assets turnover, enterprise scale, income fluctuation resistance, income growth that impact is of significant and has positive correlation with asset-liability ratio; profitability, corporate share, non debt tax shield that impact is of significant and has negative correlation with asset-liability ratio. Finally, combined the results of trend analysis and empirical analysis, put forth the countermeasures and suggestions of Guangxi listed companies capital structural optimization and improvement: Guangxi listed companies need to continue to deepen the split share structure reform which achievements the promotion equity liquidity; vigorously develop the bond market and broaden the financing channels for enterprises; take full advantage of the non debt tax shield affct; and such as optimization of debt structure and improving profitability, enhanced anti-risk capability, corporate shares cross that be the proposal for Guangxi listed companies to do optimization and improvement of capital structure.