The Research On The Influencing Factor Of Private Listed Company’s Capital Structure Under The System Of Guidance

The capital structure is one of the core issues of corporate financing decisions,since capital structure theory pioneered, it has been a hot issue of capital structureresearch in the field of financial management. Since the MM theory generates,scholars do a lot of research which around the characteristics of the capital structure,the impact of the factors effect the capital structure. Overseas research started oncapital structure theory and empirical earlier, the corresponding research is relativelymature, up to now,it has formed a relatively complete theoretical system; relativelyspeaking, the domestic research started on the capital structure theory and empiricallate, and most of the research is basis on the structure of foreign capital. With thematuring capital structure and characteristics of the study effects, capital structurefactors become a new research hotspot. About the research results on the domesticcapital structure point of view, to study the factors affecting capital structurecombined with our special literature less institutional environment and the uniquecharacteristics of private listed companies. Therefore, I draw on this theoretical andempirical research results at home and abroad, the status and influencing factors(especially institutional factors) Private capital structure of listed companiestheoretical and empirical research.This paper was selected for the study sample ofprivate listed companies,is based on the important status and role of privateenterprises in the national economy, and private listed companies is an excellentrepresentative of the development of private enterprises, research status andinfluencing factors of capital structure is conducive to private enterprise enhance themarket competitiveness of private enterprises, private enterprises to promote thehealthy and sustainable development.Firstly, review the capital structure on the basis of domestic and foreign literaturefactors on capital structure theory focuses on the MM theory, pecking order theoryand balance theory, etc.; under the inspiration and guidance literature and capitalstructure theory, for status of private listed companies’ capital structure, the problemsand the impact of factors that make a systematic analysis,focusing on macroeconomicand institutional factors, industry factors, the characteristics of the micro-companiesand private listed company-specific factors that four factors analyzed the influence of private listed companies capital Structure; based on theoretical studies over severalchapters, the proposed hypothesis of this article, select the study sample anddetermine the study variables, multiple linear regression model built on this basis,the use of empirical analysis SPSS17.0institutional factors on private ListedCompanies effects, the study found an alternative variable tax system is significantlypositively correlated with private listed company’s capital structure, the substitutionvariables and substitution variables and private listed company’s capital structure ofthe stock market ’s legal system presents quite a significant negative correlation;private Listed Companies capital structure (gearing ratio) and company size (thenatural logarithm of the total assets of the end of) a significant positive correlation, asignificant positive correlation with the company’s profitability (ROE), and thecompany’s growth capacity (main business revenue growth) was negativecorrelation; herein are made at the end from the system level (the legal system, thetax system and the stock market system) and enterprise levels to promote therecommendations of private listed company’s capital structure optimization.