Research On The Choice And Determinants Of Corporate Capital Structure Based On CLC

The relationship between capital structure and corporate life cycle can be attached to the research area of strategic corporate finance,which is the cross - study aspect of the theory of corporate finance and the theory of corporate organization.Using theories and methods from different fields and combining theoretical research and empirical research, this paper explores the relationship between capital structure and corporate life cycle.This paper assumes capital structure in different phases of corporate life cycle is different, withal we choose 30 listed electronic companies as our research samples. Conducts the empirical study to the assumption and analyzes the determinants of corporate capital structure of different phases.First, this paper represents the theories of corporate life cycle and capital structure. Second, using financial norms, this paper divides these 30 samples into two phases which are the growth stage and the maturity stage, and compares the capital structure of the two phrases, analyzes the reason why the difference between these two phrases is formed. Using principal component analysis and regression analysis, we obtain the dependent variable---capital structure regression models. These models are proved to be significant in statisticsBy empirical analysis this paper can obtain: capital structure in the growth stage and the maturity stage of listed electronic companies of our country differs remarkably. And the determinants in these two stages are also different. These can provide the theory basis and the practice instruction for the financing decision-making in different stage and the policy formulation related to enterprise financing question.