The Influence Of Macroeconomic Factors On The Capital Structure Of Listed Companies

As capital structure changes the financial risk, financing capacity and market value, researches on capital structure have been an important issues in corporate finance. Since the MM theory opened the prelude to the modern capital structure theory, some classical theory appeared, so did some empirical research on the factors which influence capital structure. At first, the empirical analysis focused on the impact of microeconomic factors for capital structure, such as financial characteristics, features of corporate governance and industry characteristics. In the recent years, many scholars began to focus on the impact of macroeconomic factors for corporate capital structure, but different scholars always had different conclusions. So studying the impact of macroeconomic factors on capital structure is particularly urgent and important.Analysis of the financing and capital structure of the non-financial corporate, there are several important conclusions. Firstly, China’s non-financial listed companies use external financing as the main source of financing, and external financing mainly relies indirect financing. Secondly, China’s financial leverage level continues to rise and debt financing over relies on the current liabilities. Then the paper selects data between2000and2011of608non-financial corporate as sample, analysis the impact of macroeconomic factors on corporate capital structure and the heterogeneity of the impact between enterprises in different financing constraints. Here are the prime conclusions:1) Macroeconomic shocks have some significant impact on the capital structure of listed companies. The impact of the economic cycle is significantly positive. The impact of tax policy and interest rates is significantly negative. The impact of fiscal spending and credit scale is not obvious.2) If we consider financing constraints, enterprises with lighter financing constraints are more sensitive to economic cycle and interest rates. And enterprises with stronger financing constraints are more sensitive to tax policy and fiscal spending.