Study Of Capital Structure Of Chinese Listed Companies

Composing and disposition of diverse financial sources of listed companys bring different capital structures, which lead to different capital cost, financial risks, and conflicts and coordinations of interests, and then influence the company's marketable value. According to practical statistics, ratio of assets to liabilities(RATL) of our listed companys not only differs from that of western developed countries, but differs from that of other enterprises of our country. RATL of our listed companys is small and they prefer financial leasing for stock rights, which is in an order: internal financial leasing first, then new stocks issuing, finally leasing in debts. This is in reverse order with mature market economy country. There are many-sided reasons for this phenomenon: the shareholder management of listedcompany is low-efficient and being weakened, middle and small shareholders lack protection, the biggest share holder in fact decides the administrative behavior pattern; at the same time, creditor management is being strengthened, which is the fundamental reason why listed companys prefer financial leasing for stock rights; finally, both institutional deficiencies of our capital market and small practical business income tax ratio influence the company's strategies on financial leasing. Currently, we need to optimize gradually the capital structure of listed company in many aspects including company management, capital market, institutions of laws and legal rules, and etc..