A Study On Capital Structure And Determinants Of Information Industry Listed Corporate In China

Empirical studies show that corporate capital structure influence corporate governance structure in-depth, and affect corporate market value in the end. To maximize the value of the corporate, reasonable capital structure is a necessary condition. With its extensive attention of importance, information technology has been regarded as one of the fastest-growing categories in science and technology. Therefore, it has great effect for corporate, the entire country and regional economic growth. Then the research about corporate capital structure has important practical significance.On the basis of research literature, the paper studies the determinants of capital structure, and discusses the Mechanisms of information listed corporate capital structure's determinants. First of all, the paper studies the optimal capital structure's connotation, five capital structures, difference between different decision-making methods and optimal capital structure which contains financial leverage interests, financial risk, the cost of capital, the value of enterprises to reach an optimal balance. With the comparison of capital structure's development of practice in developed countries, the paper finds that the means of financing in developed countries generally follow the pecking order theory. With China's information industry characteristics of listed companies, the paper studies the capital structure's external and internal factors. The development of information industry has many characteristics like high input, high efficiency, high-risk, high-growth, high value-added, high penetration, high-driven and high employment, and so on. Meanwhile, its financing channels mainly are bank loans, the private interests of financing, venture capital, strategic business investment and government support. The characteristics of listed company's capital structure are, firstly, liability rate is lower than the average level of listed companies, secondly, liability has an upward trend, and long-term debt rate fluctuations present stage of change, thirdly, the proportion of current liability is large and the change of current liability is not obvious, lastly, company shares tend to focus on the rationalization. With the impact of internal and external factors of listed company's capital structure and empirical analysis, the paper makes suggestions about the optimization of the capital structure of the information industry.