China's Chemical Industry Research To The Influential Factors Of Capital Structure Of Listed Companies

This paper summarized the China’s chemical industry and all listed companies’asset-liability ratio and long term asset-liability in recent years. The purpose we do thatis by comparing the different capital structures, can we find the characteristics ofChina’s chemical industry capital structure of listed companies, preliminary identify thedeterminants of capital structure. Then we discussed the industry factors,macroeconomic factors and micro factors. This research is focused on the micro factors.On the basis of existing theories, we choose the chemical industry listed companies assamples, used six proxy index to find out determinants of China’s chemical industrycapital structure of listed companies by cross section analysis. The empirical results isthat scale and stage of development is positively related to capital structure; profitabilityand asset liquidity and capital structure is negatively related to capital structure; assetstructure and ownership concentration have mixed effects. Through analyzing theinfluence mechanism of the further explanation, can we figure out problems of China’schemical industry capital structure of listed companies at different levels. Finally thispaper put forward the corresponding suggestions and countermeasures to improveChina’s chemical industry capital structure of listed companies which is of certainpractical significance.