Research On The Influence Of Firm-Specific Determinants On The Capital Structure Of Different Industries Of The Listed Companies In Our Country

The capital structure reflects in essence various interest relations in terms of the distributive right of corporate cash flow and corporate control right among stockholders,creditors and management,influences corporate governance mechanism,thereby influences corporate economic behavior,and then influences corporate market value.The research on the capital structure of different industries of the listed companies is of great current significance in our country in respect of rationalizing the investment and financing behavior of the enterprises of the same industry,optimizing the decision making on corporate capital structure and financing, ameliorating corporate governance mechanism,improving corporate intrinsic value and promoting the reasonable disposition of financial and economic resources in our country,and so on.This dissertation makes a relatively comprehensive study of the capital structure characteristics and the influence of firm-specific determinants on the capital structure of different industries of the listed companies in our country by way of combining normative and empirical analyses.It is classified into the following five chapters:The first chapter is An Introduction,which expounds the research background,research purposes and significance,basic framework and main contents of research,innovations of research and the concept of capital structure.The second chapter is Summarization of Capital Structure Theories,which summarizes the mainstream theories of the early stage,traditional and modern capital structure theories.The third chapter is Analysis of the Capital Structure Characteristics of Different Industries of the Listed Companies in our country,which makes analyses of the capital structure characteristics of different industries of the listed companies in our country from the angles of descriptive statistics and historic change statistics. The fourth chapter is Empirical Analysis of the Influence of Firm-Specific Determinants on the Capital Structure of Different Industries of the Listed Companies in Our Country,which makes an elaborate empirical analysis of the influence of firm-specific determinants on the capital structure of different industries of the listed companies in our country by using multiple linear regression model.The fifth chapter is Research Conclusions and Prospect.The main conclusion of this dissertation is as the follows:The firm-specific determinants influencing the capital structure of different industries and their influential ways are not the same.The corporate decision makers of the listed companies of different industries in our country should consider the concrete influence of various firm-specific determinants when they make decision on corporate capital structure and financing.The research innovations of this dissertation are displayed as the follows:Firstly, it makes a comparatively comprehensive statistical analysis of the capital structure characteristics of different industries of the listed companies in our country.Secondly, it makes a meticulous empirical research on the influence of firm-specific determinants on the capital structure of different industries of the listed companies in our country,which is shown in the aspects of elaborately screening the firm-specific determinants,properly choosing empirical model,reasonably analyzing the results of the empirical model in statistics and economics,etc..