The Study On The Determinants Of Capital Structure In The Enterprise

After the theory of MM, capital structure in the enterprise became to be an issues question in theoretical and practical field. The study on the capital structure was in a new period. As the research on the capital structure developed, other new theories of the capital structure were found and many learners began to realize the importance of the determinants of capital structure. They discussed the determinants of capital structure in different ways to find out the relationship between the determinants and the capital structure.Firstly, the thesis introduces the different theories of the capital structure. And through these theories, there are several different determinants of capital structure that can be separated from the research on the theories of the capital structure, such as the macroscopic economy factors, industry factor, the characteristic enterprise factors and the corporation government factors etc.The thesis chooses five determinants of the capital structure as the independent variables. They are the size, profit, growth, fix, and the not the debt shield. In two kinds of way, the thesis discusses the relationship between these determinants and the capital structure in the enterprise. By defining the variables, choosing the samples, though the SPSS statistics software and on the base of multi-line regression analysis, it makes a conclusion.It finds out that in the situation of not dividing into different industries, there is obviously positive correlation between the size, the growth and the capital structure of the enterprise, and the others are obviously negative correlation with the capital structure. But when it is in the situation of dividing into different industries, the results of the empirical analysis are different. For example, the size factor is obviously positive correlation with the capital structure in the manufacture industry, but not obviously positive correlation in the transportation industry, and it is negative correlation with the capital structure in the general industry, but not obvious. This means that the industry factors influence the choice of the capital structure obviously.Finally, on the basis of theories and the empirical analysis before, the thesis gives some suggestions about improving the capital structure in the listed companies, and makes a simple envision to the deeper research on the capital structure.