Empirical Study On Reform Of Non-tradable Shares Affect The Capital Structrure Of Listed Companies

On the right side of the balance sheet of listed companies, reflecting the company’s financing, namely the number of total assets and liabilities and equity each question- that is, capital structure, the company finance research. In 2005, China began formal implementation of equity division reform, as of 2015 has been 11 years, the implementation of the share reform to promote the Chinese Listed Companies’ Capital Structure gradually to a reasonable direction, and the capital market system further improved, making the capital market gradually Legal and standardized.In this paper, in order to study the impact of the split share structure reform of listed companies ’capital structure, the first analysis of the domestic and foreign relevant theories on capital structure, followed by empirical study compared before and after the share reform of listed companies’ capital structure trends, based on empirical research last the results obtained in the capital structure of listed companies after the share reform gradually moving POT theory. The full text is divided into seven chapters, namely:The first chapter, the first of the existing research on the capital structure at home and abroad a comprehensive comparison and evaluation. By comparing previous studies have found that due to the split share structure reform in China’s implementation time is not long, research scholars on this issue is very limited, almost no impact on the equity division reform of the capital structure conducted empirical research, so for this research questions is very necessary and practical significance.The second chapter, the first object of study of this article, that the capital structure and equity structure of the concept definition. Secondly, the theoretical basis of the capital structure of a brief exposition, good theoretical foundation for empirical research below.The third chapter describes the development process of the first split share structure reform, analyzes the issues tradable causes and the resulting necessity share reform show. Secondly, it describes the theoretical foundation comprehensive split share structure reform, including property rights theory, the theory of the separation of ownership, agency theory, control theory and the theory of a comprehensive analysis of the protection of small investors to determine the goal of China’s implementation of the share reform. Finally, a comprehensive analysis of the implementation of major significance to the capital market share reform generated.Chapter IV, on the basis of the first three chapters of theoretical research on the analysis of the mechanism of implementation of the split share structure reform has an impact on our capital structure of listed companies, respectively, including the equity division reform of the financing order of listed companies, financing costs, equity liquidity, financing and impact of corporate value.The fifth chapter is the focus of this paper, the empirical analysis of the factors affecting the capital structure, in removing invalid data, factors affecting nearly a decade of listed company’s balance sheet and capital structure of the multivariate regression analysis, with the completion of the share reform, China’s listed companies also produce significant changes in the capital structure, it is now basically in line with Western financing order.Chapter VI, on the basis of a comprehensive analysis of the impact of reform on split share structure to bring the capital structure, proposed reducing the company’s financing costs and financing risk policy suggestions listed, hoping for the future financing of listed companies choose to provide some reference.Chapter VII, of the results of this study are summarized, analyzed the deficiency, and the future share reform on the impact of capital structure were discussed.