Based On Restructuring And Development The Listed Company’s Capital Structure Factors Research

Since the twelfth Five-Year Plan clearly states that the "scientific development asthe theme and to accelerate the transformation of economic development as the mainline," the next five-year development plan, our country set off a wave of a new round ofeconomic restructuring. In order to adapt to this change in the macroeconomicenvironment and solve their own problems in the development, China’s listedcompanies in recent years have also embarked on a restructuring and development ofthe road, and they have two characteristics of increasing research and developmentefforts and adopting diversification strategy. These two features will have what effectson the capital structure of restructuring and development of Listed company? To solvethis problem has great significance to listed companies to make right financing decisionand to realize the restructuring and development smoothly.We use the trade-off theory, transaction cost theory and the theory of riskdiversification to research how diversification strategy and research and developmentefforts impact the capital structure of corporate, and thus put forward thehypothesis, namely the assumption1: research and development efforts and capitalstructure (debt to asset ratio) are negative correlation; hypothesis2: the degree ofdiversification and capital structure (debt to asset ratio) are positive correlation. In orderto test these two hypotheses, the paper uses the data of Shenzhen listing corporation in2013as the research sample, selects the ratio of assets to liabilities as the explainedvariable, R&D efforts, industry unit number and the diversification index as theexplanatory variables, firm size, profitability and growth as the control variables, usesExcel and SPSS software to analysis selected variables by the methods of correlationanalysis and multivariate linear regression analysis, the results show that thetwo hypothesis is correct. Therefore, in the transition period of development, listingcorporation capital structure in addition to affected by some common factors, but alsoaffected mainly by the R&D efforts and diversification strategy, which, R&Defforts are negatively related to capital structure, degree of diversification and capitalstructure are positive correlation, thus, the transformation and development of listing corporation should increase its equity capital to increase R&D efforts, andincrease its debt capital to improve the degree of diversification.The innovation point of this article is using the change in the macroeconomicenvironment as the breakthrough point, standing in the transformation anddevelopment perspective, to study the influence of two characteristics of listingcorporation of transformation development on its capital structure, and puts forwardsome advices for the corporation to make the financing decision rightly and to realizethe transformation and development smoothly.