The Empirical Research On Institutional Background And Chinese Listed Companies' Capital Structure

Under the background that our country is in a period of economic transition now, the capital structure of listed enterprises is influenced not only by external institutional changes but also internal factors. Because of the institutional limitation, the decision making of the enterprises' capital structure lacks of standardization at a large degree, and it even has some irrational traits and forms unreasonable financing structure. This has led to the result that both the low efficiency of enterprise finances and the low efficiency of capital market financing and resource allocation, and it generates a waste of financial resources, which doesn't work with our country's current situation of scarcity of resources.This paper takes the enormous difference of economic environment in the transition context of inter-regional system as a starting point, through qualitative and quantitative analysis it conduces a rather complete and systematic research into the capital structure of listed companies. First, this paper makes a comprehensive introduction about capital structure theory by introducing of several capital structure theories and their viewpoints to describe the process about the development of capital structure, which can make a foundation for studying the influent factors of capital structure. Then, this article analyzes the theoretical impact of the factors on the company's capital structure, and a more systematic analysis of the background of our system's impact on listed companies' capital structure.After making a preliminary study about the influent factors of the capital structure of listed enterprises, the research hypotheses are proposed in this paper, and then the institutional background factors are also introduced by making fixed effects models, under the circumstances, the influence factors of the capital structure of listed companies in China are analysized empirically.On these bases, some suggestions are proposed in this paper to optimize the capital structure from both the companies and national policy. At last, the paper briefly sums up the main ideas of the whole dissertation, comments upon its innovative points and shortage, and points out the direction of later research.