The Analysis Of The Factors Affecting The Capital Structure Of Commercial Banks

With the continuous progress of reform and opening up,China's economic development level is also improving.As an important engine of economic development,the pace of development of commercial banks is also gradually accelerating.As an indispensable factor for the survival and development of commercial banks,capital structure is also more and more valued by different levels of management and external supervision of commercial banks.From the academic research perspective,the capital structure of commercial banks has been an important focus of financial research,from the current research situation,although the domestic and foreign scholars have extensive and in-depth investigation for the problem,but the influence factors have not reached unanimous opinion.From the perspective of empirical analysis,scholars are based on different angles,the selected indexes are different,and the results obtained are also different.Based on the above background,this paper mainly studies the factors affecting the capital structure of the listed commercial banks in China.First of all,this paper briefly analyzes the theory and research results of capital structure both at home and abroad,summarizes and analyzes the main conclusions and viewpoints through literature review,and further takes it as the theoretical basis and empirical reference basis for empirical modeling.Then the 16 listed commercial banks in the fourth quarter of 2010-2016 a total of 28 quarter data for the empirical analysis,four main conclusions were obtained:(1)index to the development potential and profitability of commercial bank as the representative of the growth has significant positive effect on the capital structure of commercial banks;(2)to the capital capital adequacy and risk as the representative of the risk control indicators for the capital structure of commercial banks has a significant negative effect;(3)to tax,non debt tax shield as the representative of the tax shield effect index also has significant negative inhibitory effect on the capital structure of commercial banks;(4)the macroeconomic impact of the economic cycle,monetary index as the representative of the policy is significant positive effect for the capital structure of commercial banks.Finally according to the empirical results put forward three policy suggestions:(1)to fully tap the development potential of the commercial banks,enhance the management capacity of commercial banks;(2)strengthen risk control of commercial banks,to avoid systemic risk impact;(3)commercial banks to establish a sound supervision mechanism,improve the relevant laws and regulations.