An Empirical Research On Determiants Of Capital Structure Of Chinese Enterprise Listed On SME Board

The Small and medium-sized enterprises as an important part of our national economy, to promote social and economic development, maintain social stability, promote the healthy development of China’s socialist market economy plays a very important role.But the small and medium scale enterprises in their own small, unstable income, while less tangible assets can be used as collateral, which causes financial risk for SMEs at a high level, thus affecting the capital structure of the enterprise itself.In 2004, the SME board of the Shenzhen Stock Exchange officially launched its broadened direct financing channels for SMEs, but also to help small and medium enterprises to build a scientific and rational capital structure.This article in Western countries about the impact of capital structure factors have come to the conclusion of an academic reference, and analyzes related to the domestic and international academic research, empirical research on the factors of SME board listed company’s capital structure, the analysis results listed SMEs in China an important factor in the company’s capital structure, as well as adjust the capital structure of listed companies in China and optimization of specific recommendations. This paper is divided into five parts.The main content of the article is the first part of the capital structure theory and literature review factors affecting capital structure theory as the theoretical basis behind the study of influencing factors.The main content of the article is the second part of the macro, meso and micro aspects of specific aspects of the factors set forth SME board listed company’s capital structure:The main analysis of macro-economic factors and policy factors;Macro analysis of capital structure differences exist between different sectors;Micro aspects, analyzes the relationship between firm size, firm growth capacity, profitability, asset collateral value, NDTS ownership concentration and firm characteristics of these six factors and the company’s capital structure.The third part of the article describes an overview of the SME board, including the establishment of the development process, the basic situation of their own characteristics and the SME board listed company.Part IV using SPSS statistical software industry data were descriptive statistical analysis, normal distribution test and non-parametric test article,for corporate identity factors were descriptive statistics and regression analysis, and concluded:Our capital structure of listed companies SME board exists among a significant difference in the industry; company size, growth capacity and the total assets and liabilities ratio are related to ownership concentration and corporate profitability negatively correlated with the total assets and liabilities, including concentration of ownership does not pass significant test.Combined with China’s own characteristics SME board listed companies to make a detailed analysis and explanation for the results of empirical research derived.Finally, for the contents of this paper summarized, and at the government level, industry level and firm-level adjustment and optimization of small plates listed company’s capital structure proposed.