Research On The Effecting Factors Of The Capital Structure In The Chinese Listed Construction Machinery Companies

Capital Structure is a problem of great theoretical and practical significance of research topics.In this thesis, the main idea is to propose recommendations and improve the company’s capital structure, In the future, the construction machinery industry adjust capital structure of listed companies to provide theoretical guidance to optimize the construction machinery industry listed companies’ capital structure, enhance the company’s profitability, and promote the overall health of China’s construction machinery industry quickly and efficiently development.This thesis can be summarized as follows:First, this thesis summarizes the capital structure of purpose and meaning, status, contents and methods; secondly thesis describes the basic theory of capital structure; Then This thesis describes the construction machinery industry development status of listed companies, explained to us the definition of construction machinery industry, construction machinery industry characteristics, engineering machinery industry development status, the construction machinery industry, the capital structure of listed companies to analyze the situation and propose the construction machinery industry capital structure issues for the next pave the way for empirical analysis. Next, the empirical results of tests by linear regression between variables, combined with the amount of construction machinery industry listed companies from2009to2011annual report data on relevant indicators and capital structure analysis variables correlation between, and the results of the inspection and empirical analysis, and in accordance with the construction machinery industry test results of listed companies proposed to improve the construction machinery industry optimize the capital structure of listed companies the recommendations and conclusions of this thesis came to the conclusion that the future research directions.Through the construction machinery industry32years of listed companies financial data into SPSS regression analysis and research the following conclusions: the natural logarithm of total assets, operating income cash ratio, total asset turnover, the proportion of top ten shareholders, proportion of independent directors and capital structure positively correlated; ROE, net profit growth, liquidity ratio, retained earnings per share, the board size and capital structure negatively correlated; actual mortgage interest and real GDP growth did not pass statistical tests, little effect on the capital structure. But the company is a capital structure research involves a wide range of problems, the influencing factors are complex, limited to the level of theory and research capabilities, the thesis there is inadequate:in the process of collecting data, subject to time limits and collect relevant index data of the actual situation, making the capital structure correlation regression analysis, the thesis only on the construction machinery industry from2009to2011financial data for data analysis, data is not comprehensive is a limitation. Future research direction is mainly in two aspects:one is in the future empirical research needs to establish the capital structure of the dynamic adjustment model; second is the establishment of the model, you need to put a wider range of possible factors included.