On Chinese Listed Companies' Of Capital Structure Based On The Regional Difference

In the eastern, central and western of our country, there exists an unbalance in economy,capital market and the standard of financial development,will such unbalance possesses some characters that lie between countries just as reflecting a selective difference in the capital structure. Nowadays, surveys on the relative relation between discrepancy of different regions'synthetic developing and the capital structure are still few.So, in this dissertation, we'll focus on the survey and mainly discuss how does the difference among the eastern,central and the western in the aspects above influence the capital structure of each company on the market.Firstly, the dissertation has carded the thesis and empirical results based on the capital structure, which provides foundation for the latter's analyzing. Secondly, on comparing the economic developing, capital's growth with financial expanding laterally proves that there exists disparity, which offers strong theoretical basis for the essay to confirm the influence the influence of comprehensive development that reflecting on capital structure. However, considering that some provinces or areas' developing are of the similar standard, if we directly analyze the companies on the market in each region as samples, it won't stress the influence from the difference between each region, besides, it will also make the empirical results lack of accuracy. So, calculating the synthetically factor score through factor analyzing, putting each region and province in order according to the score is a wise method to select the higher to present the eastern, the common to present the central section and the lower to the western. Then take it for the analyzing foundation of the difference between regions reflecting on capital structure.Thirdly, when analyzing the empirical results of the divergence between regions as well as choosing the capital structure, through the single factor analysis of variance, LSD comparison and pluralistic regression analysis, can we find that the regional comprehensive developing standard'difference in each area will not strikingly affect the capital structure of the companies on the market. Instead, our country's financing environment and financial operation rules and system may play a more important role. Fourthly, while studying the comprehensive development leveling the area between Capital structures of the listed companies in China and the influencing factors of empirical research, trough the factor analysis and stepwise regression analysis, it's easy to realize that each district capital structure influencing factor differs from each other. Profitability enterprise scale and running ability all strongly infect the capital structure of the listed companies and in the same direct. But the asset collateral value and debt paying ability have a negative correlation with the capital structure in eastern and central, while positive relation in the western. However, the influence of growth capital structure in eastern and central regions are positively related, but it affects the western weakly. Each factor that affects the capital structure of the listed companies differs largely from region to region. At last, on the basis of the research results in the essay, we'll raise according suggestions and future research prospects.