Listed Companies In The Capital Structure Determinants

Capital structure is a centralized reflection of shareholders' rights and obligations, which determines the managing structure of corporations, and has further influences on their behavior characters and value. Rational capital structure bennefits the behavior and value of corporations, otherwise unrationl capital structure confuses the behavior.After being researched continuously, the theories on the capital structure become relatively perfect. However, empirical studies about capital structure are not too many in listed companies of China. In order to optimize the capital structure, determinants of capital structure should be analyzed firstly. Most studies analyze inner factors, ignore outer factors, and reveal that the capital structure of the listed corporations in our country conflicted with those theories. In view of these issues, the thesis studies determinants of the capital structure of listed companies in China.Through the achievement of the capital structure theoretical and empirical studies, the thesis analyzes the influential factors of the capital structure of listed companies in China. The main conclusions are presented as follows:Firstly, the thesis combines the real conditions of China, and analyzes macro factors of capital structure in qualitative and quantitative ways. It is shown that economic development level, periodic factor, industries, capital market, law and policy influence capital structure of listed companies in China.Secondly, the thesis employs 1003 listed companies in 2001, empirically studies the relationship between industries with capital structure of China, and finds that different industries have different capital structure.Thirdly, based on correlation and multiple regression analysis, the thesis employs 165 listed companies in service industry, studies empirically inner influential factors of capital structure. It's concluded that leverage increases with rate of sales growth; decreases with profitability, Tobin'Q and non-debt tax shields; and there is no significant correlation between firms' size, real tax, assets collateral value, ownership structure and leverage.