The Capital Structure Of Listed Companies Empirical Analysis

For a long time, the choice of capital structure which is the decision of corporate financial method has been the core issue of corporate governance, but also is the focus of domestic and foreign economists. It affects not only the company's governance structure, but also determines the characteristics of corporate behavior and corporate value. Reasonable capital structure can regulate corporate behavior, and improve enterprise value; However, the distortions capital structure will cause the dislocation on corporate behavior and the decline in enterprise value. Research on determinants of capital structure to optimize the capital structure, has a strong practical significance for improving the value of the company and protecting the interests of investors. In addition, the split share structure reform which has just ended has an affect on the capital structure of listed companies in China, which is the objective requirements of this article and research focus.This paper based on systematically reviewing the theory of capital structure and factors of capital structure, analyzes the determinants of capital structure from the macro, meso and micro system level. As a sample of the 184 listed companies in the Shanghai Stock Exchange, selected financial data of companies in 2003-2009, use single factor analysis of variance, LSD test and panel data fixed effects model. Focus on the split share structure reform. The results show that the split share structure reform had significant influence on capital structure, asset-liability ratio has improved significantly; Industry also had significant influence on the capital structure. In addition, the company profitability, liquidity, ownership structure and the proportion of large shareholders and asset-liability ratio is negative correlation, and the company size, asset collateral value, the ability to generate internal resources and the share-trading reform dummy variable coefficients were positive. Finally, this paper make a few suggestions to optimize the capital structure of listed companies from the relevant national policies, industry characteristics and company itself.