An Empirical Study On The Influencing Factors Of Capital Structure Of Listed Companies In China's Manufacturing Industry

With the structural reforms on the supply side and the continuous upgrading of the industrial structure,China's economy has turned into a “new normal” with steady and moderate growth.The prosperity of the stock market and bond market has provided a good platform and opportunity for the optimization of the capital structure of listed companies in China,and has made the financing methods of listed companies in China present a diversified development trend.Manufacturing industry is closely related to China's economic lifeline.However,at the current stage,the development of manufacturing industry has problems such as overcapacity and excessive leverage,and the operation of high-leverage companies has the potential to increase the risk of bankruptcy.When it occurs difficulties or financial difficulties,the level of debt default risk will rise.When there is a large-scale corporate debt crisis,it may lead to financial crisis or even lead to economic recession.Therefore,based on the current development status of the capital structure of manufacturing companies in China,this paper focuses on the requirements of “delegating” tasks,and explores the major factors affecting the capital structure of manufacturing from a quantitative and qualitative perspective.It focuses on the main indicators that each influencing factor should pay attention to.So it can provide a certain reference for manufacturing companies to determine the optimal capital structure.This article first uses the literature review method to elaborate six classical theories of capital structure,and compares the domestic and foreign research results in recent years,which lays a solid theoretical foundation for the later text.Secondly,the statistical analysis method was used to analyze the development status of China's manufacturing industry listing and its capital structure through chart data.Then,using correlation analysis and multiple linear regression analysis methods,each explanatory variable was empirically analyzed year by year.The empirical results show that: profitability,short-term solvency,non-interest taxation effect,uniqueness and capital structure are negatively correlated;operational capacity,growth capacity,tangible assets,board characteristics and capital structure are positively correlated;and the concentration of ownership does not have a fixed influence on the direction of the capital structure.Secondly,according to the results of empirical analysis,it is proposed that listed companies in the manufacturing industry should optimize the capital structure in terms of focusing on the characteristics of the capital structure,strengthening corporate governance,and improving the external financing environment.Finally,based on the empirical conclusions and countermeasures,a case analysis is conducted to analyze the current status of Fuyao Group's capital structure and based on the problems found in the capital structure,the macro and micro perspectives are proposed.