Jiangsu Province Private Listed Company's Capital Structure Influencing Factor Demonstration Studies

The main purpose of the study is to explore the high-speed development of the private economy today, how Jiangsu Province private listed company's capital structure present situation, what factors affect the capital structure, the capital structure whether to have the optimum point, to discover affects Jiangsu Province private listed company's capital structure the main factors, and to observe how these factors affect Jiangsu Province private listed company, the capital structure of the listed company, which made some corresponding countermeasures. Is for the purpose of being able to optimize Jiangsu Province private listed company's capital structure, and promotes Jiangsu Province privately operated economy development.The capital structure theory has been a hot topic of the company finance domain. Capital structure theory's statement, particularly by the MM theorem proposed after the symbol modern capital structure theory, the large number of research staff on the company's capital structure issues related to the large number of theoretical and empirical research.This article research under the modern capital structure theory's instruction, collects the correlation data and the material through Jiangsu Province private listed company's annual report, and using statistics and econometrics' analysis method to research the present situation of Jiangsu Province private listed company and the factor.Discovered initially through the statistical analysis that Jiangsu Province private private listed company's property ratio of debt to net worth has the increase tendency. 2004 to 2006 average property ratio of debt to net worth respectively was 50.65%,52.39%,57.04%, , presents condition which increased progressively year by year. Moreover Jiangsu Province private private listed company's property ratio of debt to net worth already approached in the non-private listed company's property ratio of debt to net worth. In addition discovered that Jiangsu Province private listed company's capital structure distribution is quite scattered, manifests each company to utilize financial leverage's dynamics existence very big difference. We further using the grouping statistics' method separately to the company size, profit ability, the enterprise growth potential and Jiangsu Province private listed company's capital structure's relations have carried on the analysis. Obtains the following conclusion initially, Jiangsu Province private listed company's company size has the forward correlational dependence with its capital structure; Profit ability and expanding and Jiangsu Province private listed company not obvious regularity.In the above statistical analysis's foundation, this article uses the econometrics method, examined various factors to Jiangsu Province private listed company's capital structure influence. The result indicated that the company size , the income tax and the capital structure assume forward related, distinct, the non-debt tax shield, profit ability and the capital structure become negative related, but the property hypothecary value, the growth potential and Jiangsu Province private listed company's capital structure's relevance is not remarkable, In empirical study's foundation, how to optimize Jiangsu Province private listed company's capital structure to propose the related countermeasure and the suggestion.