Research Of The Capital Structure And Of Port&Shipping Listed Companies

This article makes a a systematic exposition of the financing and financing decision f on the view of Port&Shipping listed companies,aiming at providing scientific methods of financing for Port&Shipping listed companies,The article analyzed the characteristics and status quo of Port&Shipping listed companies,studied the financing structure theory,made a qualitative analysis of optimal financing structure.and made a comparison of equity financing,and debt financing,including financing costs,financing risk,financing,efficiency and financing revenue.Based on this,the article make a demonstration.This article taken into account all the mature theory about financing structure,then fixed on the factors that may affect the financing behavioral of Port&Shipping listed companies from all the perspectives,then make a choice for further analysis by principal component analysis.As it's hard to control the external factors,it make a principal component analysis on the internal factors.This paper identifies five factors that affecting the financing structure of Port&Shipping listed companies which are Return on equity,the growth rate of business income,Total asset turnover,capital maintenance and increment ratio and Total asset growth rate.Then the article made a correlation analysis between the above five factors and Assets Liabilities Ratio,made a conclusion that profitability and capacity for growth are the two most important factors effecting the financing structure of Port&Shipping listed companies.Return on equity,capital maintenance and increment ratio and Total asset growth rate are negatively correlated with the financing structure.Generally speaking,the Assets Liabilities Ratio of Port&Shipping listed companies falls with the growth of Profitability,non-debt tax shields,income volatility, but rise with the growth of company scale,Growth,the ratio of tangible assets, the ratio of non-tradable shares.