Empirical Study Of Factors Influencing Capital Structure Of Listed Companies In Qingdao

The choosing of capital structure will not only affect the cost of listed companies’ financial management, but also will reflect the listed companies’ development strategy decisions. In this paper, followed by literature at home and abroad commentary, we use the traditional, classic and modern capital structure theory as the theoretical basis, use Qingdao listed companies’ as the research subjects, construct panel data models, carry out multivariate regression analysis, analyze the main factors of listed companies’capital structure, including profitability, company size, growth, solvency, operational capability and so on. Finally, we propose further policy recommendations about optimizing listed companies’ capital structure.The paper suggests that capital structure of listed companies is the result of many factors working together. There is some negative correlation between profitability, company size, growth and capital structure; there is some positive correlation between solvency, operational capability and capital structure. The article suggests Qingdao listed companies’ further optimize the capital structure by improving their profitability, company size, growth, solvency, operational capability and other means. Government should improve the financial market system, promote the development of the bond market, regulate the legal and regulatory system, strengthen the capital market supervision, and build information disclosure mechanism to create a favorable policy environment for the optimization of capital structure.