On The Influencing Factors On Capital Structure Of The Listed Companies In Xinjiang

Capital structure has been one of the cores of financial management in a company since the 1950 s,which can reflect the solvency and overall strength of a company.It has been concerned by researchers because the problem of capital structure is related to various aspects of company financing,management,and distribution of profits,and also because it can effectively measure the financial risk of the enterprise,and plays a key role in the financing decision of the enterprise.Therefore,the reasonable capital structure is the guarantee to improve the value of the company and to solve the structure problem of the company.It has been a long time for scholars at home and abroad to keep researching on the influence factors on capital structure,and the researching results are different because of the difference of the states,regions and policies.This paper mainly focuses on capital structure of the listed companies in Xinjiang,and studies the relevant factors,so as to further investigate the effect of capital structure on the value improvement and development of the enterprise.And it is aimed to optimize the capital structure of the listed companies in Xinjiang,which can not only promote the development of the listed companies in Xinjiang,but also have a positive impact on the development of the economy in Xinjiang.The content of the paper can be divided into five parts: the first part mainly introduces the significance of the research on the influencing factors on capital structure of the listed companies in Xinjiang,as well as the related literature at home and abroad;the second part is firstly the definition of the concept of capital structure,and then introduces three main stages of the development of capital structure theory,and the last is the theoretical explanation of factors influencing the capital structure;the third part introduces the basic situation of the listed companies in Xinjiang,and analyzes the capital structure of the listed companies in Xinjiang,from the aspects of financing structure,debt structure,industry factors,macroeconomic factors,and internal microcosmic factors of the company;the fourth part is to select data variables and the econometric model,put forward the related research hypothesis of theinfluencing factors on capital structure,then carry out the panel data model regression and analyze its results according to the influence factors of the relevant data of the listed companies in Xinjiang on capital structure,and finally investigate whether the research hypothesis is consistent with the results;the fifth part studies and summarizes the empirical results,and puts forward suggestions for the optimization of capital structure from the company level,industry level and macro economic level,combined with the theories and empirical results.The paper acquires the following conclusions through theoretical analysis and empirical research: there are similarities as well as differences between the research on the influencing factors on capital structure of the listed companies in Xinjiang and that of domestic scholars;it is found that the total assets,fixed assets turnover ratio,the proportion of the largest shareholder,industry factors,and macro factors are positively correlated with capital structure,through the empirical study;and the rate of return on assets,current ratio,net profit growth rate,and the ratio of retained earnings are negatively correlated with capital structure.It is hoped that the conclusions and policy recommendations of the paper will be helpful to the adjustment and optimization of capital structure of the listed companies in Xinjiang,and will provide the decision basis for the government and financial institutions.