Energy Firms' Capital Structure Empirical Study

China is a great country of consumption energy. Facing energy security challenges today, security of energy has become an inevitable topic. As one of the basic industry, the energy industry and its development directly relates to whether our economy develop fast and sustainable. It is necessary for our energy enterprise to survive, develop and make management decisions. Financial decision is related to the success or failure of enterprises, and the capital structure determination is an important aspect of the financial decision-making. Therefore, this paper study on energy industry enterprise's capital structure.In this paper, firstly, it uses the latest data of the financial statements of energy listed companies in China to study the characteristics of financing and capital structure. Secondly, it uses modern business theory and the capital structure theory to analyze the influencing factors of capital structure of energy listed companies. Thirdly, it uses factor analysis and linear regression analysis to know how the various factors affecting China's energy capital structure of listed companies. The results indicate that equity contraction, solvency, enterprise size, Profitability, growth, and dividend payment policies influenced capital structure significantly,The extent reduced orderly; and that operating capacity, fixed assets investment, product unique, non-debt tax shields, the proportion of shares held by the controlling shareholder and state-owned shares have little effect on the capital structure. Finally, based on empirical analysis of the results of this study, it gives some recommendations targeted to optimize our capital structure of the energy listed company with a view to providing the regulatory reference for the company's management, the majority of investors and the government.