The Research Of Macroeconomic Fluctuation, Equity Ownership Structure And Capital Structure Of The Public Company

The capital structure refers to the proportion of the enterprise’s debt financing and equity financing in enterprise assets. Upon the expiry of the debt, enterprises need to pay a fixed amount of principal and interest for debt financing. While equity financing as a kind of capital inflows which no need for repaying the principal, the cost is lower than debt financing. Therefore, enterprise capital structure directly decides the enterprise’s financing conditions and operating risk. It is noteworthy that the differences in different ownership structure lead to the different control, the above situation will affect the choice of the corporate capital structure. Holding the main body of different and the difference of architecture will be through the enterprise corporate governance, affect the enterprise financing optimal sequence, which affect the business capital the proportion of debt and equity capital. The enterprise is present in the macroeconomic environment, enterprise will adjust their capital structure to adapt to change when the macro economic volatility. In the face of the economic volatility, the enterprises measures also have differences according to the different ownership structure. Based on this, the paper in-depth studied that equity ownership structure impacts the corporate capital structure under macroeconomic fluctuations and try to explain the intrinsic reasons. It is more advantageous to find how to use equity ownership structure control capital structure.Based on the research achievements of previous scholars, the study combined with C hinese finance market is about what effect the equity structure make to capital structure under macroeconomic fluctuations. In order to verify our country macroeconomic fluctuation and equity structure of listed companies and their interaction on the impact of capital structure, the paper used two steps included building the model hypothesis and used the method of mathematical statistics to sample data regression analysis. The empirical results it is concluded that the ownership of state-owned shares, the managers shareholding and unless institutional holdings of shares outstanding to the enterprise capital structure has a significant negative relationship. In macroeconomic fluctuation, the role of state-owned shares decreased significantly, while managers holding the role are not obvious enhancement. Finally, according to the empirical results, this paper attempted to expound the result and try to put forward reasonable scientific policy recommendations.The innovation of this article lies in combining macroeconomic volatility and corporate ownership structure, and analyzing enterprise’s capital structure’s influence factors from the two angles of macroscopic and microscopic to get the correlation between them. The study wishes that the tentative study could provide some help for the later research.