An Empirical Study Of Factors Affecting Capital Structure Of China's Private Listed Companies

Empirical researches on capital structure influential factors have been done systematically abroad, but the domestic research in this area merely began from the late of 1990s, especially in recent years, became the focus of capital structure research, and emerged a lot of literatures. But most of the researches in domestic chose the general listed companies or companies for a certain industry as the sample, researches on private listed companies haven't seen yet In recent years, private enterprises developed very quickly, and have become a new force to sustain China's economic development, the private listed companies are good players among private enterprises, they have a demonstration effect on other private enterprises, moreover, the conclusions elicited from foreign researches and domestic researches which on the general listed companies may not be suitable for private listed companies, so it is necessary to do empirical researches on capital structure influential factors of private listed companies of China.This paper regards private listed companies as the research object, chooses private listed companies which became privatization in the Shanghai and Shenzhen stock markets before January 1 2004 and the period of its privatization continued until December 31 2004 as the research sample, using their shareholder data and financial data of 2004, take the mainstream capital structure theory as a guide, and on the basis of the research results from domestic and foreign, we do an empirical research on capital structure influential factors of private listed companies of our country.First, using the method of One-Way ANOVA, this paper explores the influence which industry factor can make on the capital structure of private listed companies; then, on the basis of industry factor in control, we use the methods of Factor Analysis and Multiple Linear Regression combined, and do analysis for the influence which the company characteristic factors make on the capital structure of private listed companies. Finally, this paper draws the following conclusions: (1) The factors which affect common listed companies also affect the private listed companies, except...