The Study On The Level Of Regional Financial Development Nda The Dynamic Adjustment Of Capital Structure

Capital structure is one of the most important problems in the financial field, been one hot spot in the academic research For a long time, has direct impact of the risks and rewards In the enterprise, has great significance to the long-term health development of the enterprise. However, internal and external environment are very complex in modern society, the various affecting factors of the enterprise capital structure is changing, so the enterprise’s capital structure often are dynamic change. Deeply analyze the process of dynamic adjustment of the capital structure in the enterprise, is an enterprise for the enterprise to better adapt to the changing internal and external environment, to optimize the capital structure and improve the value of enterprises, have very important strategic significance.In recent decades, rapid development of capital market ih China, the level of regional financial has improved significantly, but still have huge differences in many areas the level of financial development in the eastern is significantly higher than in the Midwest. In this paper, combined with the special national conditions, from the perspective of financial development to study the process of the dynamic adjustment of capital structure. Based on9792panel data from2001to2012of816a-share listed companies in SSE and Shanghai, the sample is divided into eastern, central, the west and Midwest, Subsequently established capital structure deviation degree model and dynamic adjustment model of capital structure,using the panel data FE estimate method, panel data RE estimation method, panel data MLE estimation and GMM regression estimate method for empirical analysis.This article main research content closely around the financial development level and the relationship between capital structure, mainly including the level of regional financial development and change on the influence of capital structure deviation degree and the change of regional financial development level and the influence on adjustment speed of capital structure, at the same time, considering the nature of property rights, industry factors and other important influencing factors. the conclusions of studying:the positively related on the level of financial development and the capital structure; capital structure deviation degree is greater in the eastern than the Midwest; capital structure adjustment faster in the eastern than the Midwest; the level of financial development and the capital structure dynamic change and adjustment by affect of debt levels, industry factors.Finally, This article provides some policy suggestions from the enterprise and government level.