An Empirical Study On The Influencing Factors Of Captial Structure Basing On Data Of SME Board Listed Company

Since the building up of School the Determinants of Capital Structure in 70s, last century, what factors influence capital structure of enterprises has always been the focus of the financial theory and practice academy. The capital structure of enterprises are the main reflection of rights and obligations of stakeholders, it impacts corporate governance structure, corporate behavior and corporate value. Even though theoretical and empirical reseach of capital structure in Western Academy are well developed, reseach results are various due to the differences of individual economies. There are a lot of complicated factors influencing captial structure of entreprises, the current reseach about factors influencing captial structure of entreprises are largely theoretical study, and empirical studies are relatively seldom. Moreover, the existing empirical researches have many deficiencies, such as picking influence factors subjectively, using few factors, or the variable indicators which belong to the same factor was selected on a subjective basis rather through the empirical methods. Therefore, it is very important to study what factors influence capital structure of enterprises in our country. This paper attempts to make some improvement in these fields.In this paper, base on the Determinants of Capital Structure Theory, refer to relevant research home and abroad, through the empirical reseach of SME board listed companies in our country, the main factors of what influence capital structure of SME board listed companies have been found out. Moreover, recommendations to optimise the the capital structure of SME board listed companies have been came up with at the end of this paper.There are five chapters in the paper. The first chapter introduces the research background, literature review and innovative point, the second chapter introduces the SME board and the overall situation of small-and-medium-sized companies, the third chapter describes the macro-factors impact capital structure of entreprises in our country; the fourth chapter introduces and empirical reseach the micro-factors impact the capital structure of SME board listed companies, the last chapter gives conclusions and recommendations to small and medium-sized companies to optimize their capital structure.Main conclusions of this paper are: macro-factors have influence to capital structure of entreprises, including interest rates, industry factors, inflation, capital markets and economic cycles. Main micro-factors impact capital structure of SME board listed companies include firm size, profitability and solvency.