Empirieal Research On Capital Structure Of Marine Listed Companies

Capital structure has an important impact on the enterprise value, and is vital to survival and development. Even though the research on influencing factors of capital structure is thorough, but has not been conclusive. Especially in a different background, the relevant empirical conclusions of the capital structure are not uniform, which has stimulated to continuously improve capital structure theory through empirical research. As a result, research on influencing factors of capital structure in the conditions of different backgrounds has become an important way to develop the basis of the theory.Marine industry has developed rapidly in China. Since reform and opening up, shipping industry has accumulated years of technical and price advantage to further improve the competitive edge; in recent years China increased attention to the exploitation of marine resources, which promoted the offshore oil and gas industry; international trade stimulated the maritime transport and port development; consume-upgrade increased demand for seafood ,and also boosted the domestic marine and coastal tourism industry; at the same time, the new marine industries continued to emerge and flourish. Based on the specific background, this article launched to the systematic study of capital of Chinese marine listed companies structure.First of all, as a theoretical basis for research, this article sort of capital structure theory summarized the capital structure empirical research both at home and abroad.Secondly, the 33 marine A-share listed companies based on national criteria for the classification of Marine three industries in 2006 are divided into three categories. And the article summarizes the impact of 9 categories of capital structure factors. These factors formed new factors of marine and its three industries by factor-analysis method. And then whether new factors are significantly correlated to its capital structure is separately verified.And then, according to that, it analyzed the similarities and differences of capital structure factors of different industries. Ultimately, according to the results of comparative analysis on the enterprise point of view, it put forward recommendations to optimize capital structure.Innovation of this paper is that, for the first time, capital structure theory combined with marine and its three industries. It concluded the similarities and differences of capital structure factors of marine and its three industries, by studying characteristics of marine and its three industries.On the point of similarities, the profitability of total assets, solvency, non-debt tax shields, enterprise size and growth of the company are common factors. The influence on the profitability of total assets and solvency ranks the first and second place, while the influence of three industries on non-debt tax shields is not consistent, and enterprise size and corporate growth have the lower influence. On the point of differences, the value of asset-backed securities, operating capacity, the actual tax rate and profitability of its net assets have different effects on their capital structure. The value of asset-backed securities has a significant positive correlation effect on the first and third industries but has nothing to do with the secondary industry; operating capacity has rather complicated effects on marine and its three industries; the actual tax rate related to the marine industry only, but has no effect on each industry; and the profitability of net assets has no effect on marine industry as a whole, but, the influence on three industries is contradictory.Inadequacy of this article is that it discussed what and how the factors has impacted on the capital structure of marine and its three industries and found the similarities and differences between different industries, but has not further involved in the capital structure of the marine and the whole economy, and also the relationship between the performance or risk of enterprise and capital structure, which may become important research direction of capital structure related to marine in future.