Chinese Enterprises To The Capital Structure Study

Along with the development of economy of china, the capital market develops quickly from inexistence to existence. That makes the ways of financing become diversification .the diversification of ways of financing makes the decision-making of capital structure of company become complexity. Capital structure that is a centralized reflection of shareholders' rights and obligations determines the managing structure of corporations, and further influences on their behavior characters and value, therefore the scholar of past and now point capital structure is "genes" of the modern corporation. Rational capital structure is in favor of improving the behavior and value of corporations. In the past few years the theory of capital structure of the foreign country developed vigorously, but in our own country the research in the same domain limited in the introduce of the capital structure and the empiric analysis of it This article's point is taking our own country's company as research object and getting some conclusion consistent with our own country 's realism .So this article was composed with three parts as following :1,The first part ( chapter 2)is about the basic theory of capital structure .As the foundation of this article, this chapter express the detail meaning of capital structure and the influence of capital structure on the company .In the following this chapter emphases the development of the theory of the west country.2,The second part (chapter 3---chapter 5), taking three kinds of company as research object , make a discuss from point of capital structure. 3,The third part (chapter 6---chapter 7) discuss the relationship of optimize targets of capital structure and build up a model about the evaluation of implementation of capital structure.This article adopted mathematical ways such as linear regression,one-way ANOVA and gray system gray relational . The original creation is in the following:1,The article points out the area character of capital structure of listed company .The article expresses the difference of finance structure and influence factor of capital structure.2,Combining the managing cycle of president and developing cycle, the article research the change course of capital structure keep the vigor and health management structure of family company.3,Applying the gray relational degree into the model of the evaluation.