The Empirical Studies Of Sporting Equipment Enterprise’s Capital Structure Influence Factors In Xia Men

Capital structure theory is the study frame of this paper, combining theoretical analysis andempirical research. The influence factors of capital structure are divided into macro factors andmicro factors. Rational analysis of macro factors and empirical study of micro factors are unitedby the use of system theory and method. System theory is also applied to analysis the macro andmicro factors of sporting equipment’s capital structure, and the DEMATEL analysis model isused to find out the key factors that affect the sporting equipment enterprise’s capital structure.Besides, this paper made some empirical studies on the micro-factors of the sporting equipmententerprise in Xia Men. This paper has five sections.The first section introduced the background and the sense of this research in two steps. Thefirst step is a summary of the present studies in and abroad, it is also the background of thisresearch. The second step is based on the previous researches and used some result of them. Withthe two steps, this section defines the concept of this article, and the ideas and logical frameworkof this research is found out.The second section is about the basic theory of capital structure. This section introduced thedevelopment process of the capital structure theory, and used Myers and Majluf’s new peckingorder theory to construct the theoretical frame of this study.The third section is a system analysis on the influence factors of the capital structure. Afteranalyzed the development status of sporting enterprise in Xia Men, the results show that thecapital structure problem is the common difficulty of the sporting enterprise, and it is also theimportant bottleneck of a companies’ development. Using the way of system theory, the systemof influencing factors of sporting industry in Xia Men is built through their logic relation. Thissection analyzed the factors through the macro and microcosmic factors of capital structure, andused DEMATEL analysis model to find out the influences of these factors. The following part ofthis section analyzed the relations between single factor and other factors that influence thecapital structure, and made a systematic analysis on the main factors. Also, this section discussedthe complex factors of sporting enterprise. The result of this model shows that: the scale ofenterprise is the key factor that influence the effectiveness of capital structure, macro economyenvironment is the causal factor of capital structure, and the ability of enterprises to gain profitsis the factor of result. The fourth section is mainly about the empirical research. This article presents the basicassumptions and builds a multiple regression equation to make empirical research, based ontheory and influence factors model analysis. Focuses on microcosmic factors analysis, this articledraw proposals to improve the capital structure of sporting enterprise.The last section is the conclusion and prospect.