The Character And Determinants Study On Capital Structure Of Enterprises Of NINGXIA Listed On The New Sanban Market

At this stage of China’s small and medium enterprises are facing a very serious problem of financing, the shares of small and medium-sized enterprises transfer system (hereinafter referred to as "the new Sanban") is important measure for accelerating the construction and development of multi-level capital market in China, therefore, the main purpose of this paper is to study the Ningxia new Sanban listed corporate finance capital structure characteristics, and financing structure is determined by what factors.In this paper, the author makes an empirical study of three new board companies listed in Ningxia:it is found that the financing structure of enterprises in different industries does not have significant differences. Ningxia three new board listed the differences between each industry enterprise financing structure is not obvious, which shows the difference of the industry factor is the impact of the Ningxia three new board listed one of the factors of enterprise financing structure but the gap is not great. For financial factors:listed on the new board of small and medium enterprises in Ningxia, enterprise scale and enterprise financing structure has significant positive correlation, enterprise profitability on corporate financing structure presents significant negative correlation, the growth and financing structure of small and medium-sized enterprise performance is significantly negative correlation. Enlightenment:government policy if and attend to the area of different types of small and medium-sized enterprises, as far as possible from the point of view of the long-term development of enterprises meet the financing needs of different stages of development of small and medium-sized enterprises quite guide significance. At the same time, financial intermediaries should play its due role in financing for small and medium-sized enterprises, to the enterprise itself and need to improve and perfect the enterprise financing structure, corporate governance issues, the system of enterprise management, pay attention to science and technology innovation investment, establish long-term effective mechanism of talent training, while actively seize the support and encouragement policy, for the continuous development of enterprises expands the definition of a broader space.