| Finance is a dynamic process, different financing behavior result in different capital structure. Capital structure is the reflection of the rights and obligations of the enterprise stakeholders that can show the reasonable of financing behavior. The reasonableness of capital structure is worth studying and discussing in the establishment of financial management system suitable for market economics, however, the distortion of the relationship between capital structure and financing behavior has been thought as one of the main causes to result in low level of enterprise value of Chinese listed companies. Hence research on the relationship between capital structure and financing behavior become an important task with broad concerns.This paper bases on the data of twenty-seven listed expressway companies of our country on December31,2011, and uses factor analysis, Granger causality test, linear regression to analyze. The main results are as follows:Firstly, the ownership structure, the collateral value of assets and non-debt tax shields are the major factors of listed expressway company. Secondly, listed expressway company shows external and equity financing preference. Thirdly, between capital structure and financing behavior, certain negative correlativity relationship exists. Fourthly, the reasons of the negative correlativity relationship is that the stock right structure in our country listed company is peculiar and the director selecting mechanism is still not improving and perfecting and the development of convertible bonds marketplace lags behind as well as relative laws and system being related to the disproportion of securities market.At last, according to the above results, there are some suggestions:Arrange rational portion for institutional shares proportion and state-held share rationally; Develop bond market actively and realize diversified financing; Raise profit and internal financing level; Perfect corporate governance structure. |
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