Empirical Analysis On Influencing Factors Of Capital Structu-re Of Chinese Enterprises Listing On The Chinext

ChiNext, refers to the Security exchange market outside the main board, which provides financing channels and growing space especially for small and medium-sized enterprises and newly-developing companies that are unable to be listed temporarily. On one hand, how to make the company better development; on the other hand, how to better control the risk of ChiNext, these two questions make the study of the listed companies in ChiNext increasingly important.In this paper, we mainly discuss the capital structure and influence factors of listing enterprises in ChiNext. And also, we describe the present state of development of the ChiNext, analyzes the difference between the ChiNext and main board on the capital structure, qualitatively and quantitatively. In this paper, we use the theoretical framework from school of Capital structure determinants, take 387 listed companies on the ChiNext in the period 2009-2013 as sample data, and empirically analyze the main factors of influencing the capital structures of listed companies on the ChiNext in China. Finally, we put forward constructive suggestions for the development of the growth enterprise market on the ChiNext.