Analysis On Capital Structure Of Logistics Listed Corporations In Our Country

Capital structure makes a great difference in the corporate governance, corporate strategy and corporate values. What is a reasonable capital structure is a critical issue. The factors which affect capital structure have been widely studied by scholar some scholars have investigated the whole capital structure of most listed companies and some have researched the capital structure of a certain sector. Logistics industry is a new compound industry which is called the largest industry in 21 century and the third profit source. Logistics industry is growing rapidly which have a big development potency. The research of capital structure has a important significance in our country while the correlated study rarely touched the logistics area.With the references of other articles and theory the capital structure of domestic listed companies this essay has researched mainly divides into three aspects. First one is the development present situation and the financing demand of the logistics enterprise in our country, the analyses the characteristics of logistics and the capital structure of list companies in our country. Secondly using the static panel model the essay analyses factors affecting capital structure and looks for reasonable logistics enterprise, the financial data is from 21 listed logistics companies from2006 to 2013. Thirdly using the dynamic model to further study thelogistics factors influencing the capital structure of listed companies and adjust the speed problem.Some research conclusions of this article is mainly divided into the following several aspects:(1)with a high cost of logistic the logistics industry is backward.(2)the logistics enterprises in our country has experienced rapid development in recent years.(3)the profit rate of logistics in our country is generally declining which has result the rising of external debt financing.(4)being in a growth stage, the asset-liability ratio of logistics is still lower than the general level of most listed companies in china, domestic logistics enterprise can raise external finance to take advantage of financial leverage effect in a moderate and reasonable way.(5)the capital structure of domestic logistics listed companies is affected by asset collateral value, profitability and asset liquidity significantly and they are negative correlation.(6)the assets scale and growth ability show no significant impact on capital structure of listed companies of our country.