Influence Of Ownership Structure In Accounting Dilemma Enterprise On Capital Structure

Enterprise capital structure means resources, composition and relations of the different funds, the decision of capital structure involves the balance of equity financing and debt financing. And the configuration of ownership structure is important component of a company inner governance mechanism. In the view of governance mechanism, debt's right and equity stake are not only regard as financing method, also as another different governance structure(Williamson,1998).Unreasonable and non-optimized capital structure are the major inner factors of finance dilemma of enterprise, also the major reason that will cause further deterioration even bankrupt finally. Whatever domestic or abroad, we can see many researches about how capital structure influences the enterprise value, but few about how to choose the capital structure under the situation of dilemma, and more few about how equity stake influences the capital structure under the situation of dilemma. A prominent characteristic between the accounting dilemma enterprise and non-dilemma enterprise is highly debt ratio and highly dilemma costing, and then facing the strict financing limitation. After ST regulation adopted on listed companies, more and more companies were put into ST, but not all enterprises did mistakes on project chosen or non-profit achievement, accounting dilemma was caused by worse operation for a while. After listed in ST, how to strengthen the management then take the enterprise out of the dilemma is the crucial problem which is urgent to be solved. Capital structure has the conclusive influence on capital chosen(Xiao Zuoping,2004), so what influence equity stake will bring to capital structure under the situation of dilemma? This is the point the dissertation will focus on, and prefer to provide obtaining evidence could be benchmarked to reduce the dilemma costing and strengthen the dilemma enterprise.This dissertation is based on the past researches and panel data of 2002-2006, has chosen 56 ST companies which had deficit for continuous two years as research objects, to theoretically analyze influence which ownership structure bring to capital structure depending on the view of corporate governance, and make up a model to do regressively analysis by least square method. As a result, in accounting dilemma enterprise, there is no prominent relation between the capital structure and shareholding management; there is positive correlation with the first majority shareholder, but not prominent; there is negative correlation with first five majority shareholding aggregation, and no obvious correlation on statistic; there is prominent negative correlation between the difference of first majority shareholding and other majority shareholding, and debt ratio; there is positive correlation between degree of dispersion of ownership and capital structure, and there is positive correlation between national shares and capital structure; there is positive correlation between corporate shares and capital structure, and not prominent; there is negative correlation between floating stock and capital structure, and not prominent.Depending on the results mentioned above, improving the corporate governance regulation and strengthening corporate management are raised, expecting to provide some evidences to help enterprise get out of accounting dilemma, reduce dilemma costing, so that listed companies can have sound development, and optimized configuration of society resource could be achieved.