The Research On The Legal Protection Mechanism Of The Actual Labor Relations

Industry characteristics is one external factor which influence business decision making, however capital structure is the result of business financial decision making; So from a concept known, industry characteristics on capital structure has important implications. From the existing research literature, About the capital structure of the existing industry differences consistent came to the conclusion that the capital structure existing industry difference. But study about the reason why capital structure existing industry difference is basically no. This paper is to get through research on industry characteristics to explore affecting the capital structure of the capital structure of the existing industry difference causes.This paper uses theoretical research and empirical test methods, First division the characteristic from theory into competitive level, the asset specificity, profitability and industry life cycle four aspects, and analysis their influence on corporate capital structure; Then, selection 2002——2009 eight years annual financial statements of China listed companies as research samples, through the correlation analysis and regression analysis, Empirical testing the influence of industry characteristic on capital structure of listed companies. Results show that: Industry competition level, the asset specificity, profitability, enterprise scale and non-debt tax shields significantly associated with asset-liability ratio; The asset specificity, enterprise scale and profitability has an important influence on enterprises' capital structure; Industry competition level, assets the asset specificity and profitability features can partly explain differences among industries capital structure. Finally, this paper analyzes the research results, and puts forward suggest of optimizing the capital structure.The Contribution of this paper is reflect in:Divided the industry characteristics into characteristics of competition asset specificity, profitability and life cycle of four aspects;Through an empirical study concluded that the characteristics of the asset specificity and industry profitability is causing the capital structure which existing industry difference; Research conclusion provides some financing reference basis for the listed company regulatory decision, but also provide a reference for optimizing the capital structure of listed companies.