The Analysis Of Influencing Factor On Capital Structure Of Small And Medium-sized Enterprise In Our Country

As for big enterprise,the small and medium-sized enterprises have their own characteristic, these characteristics have caused the capital structure theory was not completely suit to the small and medium-sized enterprise,therefore this article base on the foundation of capital structure theory,the characteristic of small and medium-sized enterprise,the present situation as well as the reason to analysis the present situation in our country,proposed the influencing factor of capital structure about small and medium-sized enterprise in China.At last,carried on the empirical analysis to the influencing factor.In the theoretical aspect,according to the complete information and the asymmetrical information,we divided the theory of capital structure into several groups and has carried on the analysis to each kind of theory,in addition,we explained the theory of capital structure on small and medium-sized enterprise,that is the small and medium-sized enterprise finance life cycle theory.We explained reason to the present situation of the small and medium-sized enterprise by using the theories of market malfunction,the information asymmetrical theory and the transaction cost theory,based on which,with research on capital structure theory to the big enterprise,we proposed the influencing factor on small and medium-sized enterprise in our country.In the real diagnosis aspect,base on the data of platelet Listed small and medium-sized enterprise,we carded the empirical study on influencing factor on capital structure to small and medium-sized enterprise in our country.We looked for the affect of profession factor to the small and medium-sized enterprise capital structure by single factor law examination,and obtains the conclusion that profession factor has on effects on capital structure.We looked for the affect on the property ratio of debt to net worth,the long-term property ratio of debt to net worth, short-term property ratio of debt to net worth to the explanatory variable the by the least squares method,obtains the conclusion that small and medium-sized enterprise was difficult to obtain the long-term loan,and enterprise's scale and profit ability have remarkable influence on the property ratio of debt to net worth,the long-term property ratio of debt to net worth and the short-term property ratio of debt to net worth.These conclusions have supported the theoretical research.