Study On Factors Influencing The Capital Structure Of Small And Medium-sized Enterprises In China

With the coming of the 21 st century,the world economy is developing rapidly.Along with the vigorous development of economy,a lot of flexibility and creativity of the small and medium-sized enterprises to obtain the broad space for survival and development,whether in the developed countries or developing countries,these small and medium-sized enterprises(smes)play an increasingly important role.As is known to all,today's small and medium-sized enterprise is our country an important component of the socialist market economy,small and medium-sized enterprises for social stability,construction market main body and promote the development of the national economy plays a vital role.As a result,the healthy development of small and medium-sized enterprises to actively promote the overall social and economic running,can more effectively solve the problem of employment,to create a variety of structured capital market,a higher level for the economic development of our country more.But the development of these small and medium-sized enterprises is not as smooth as we thought.In comparison with many large enterprises,these small and medium-sized enterprise itself on a smaller scale,so the income instability,coupled with the fixed assets and intangible assets can be used to to the mortgage is relatively small,this makes the small and medium-sized enterprise exists high risk,thus affect its own financing structure,such as small and medium-sized enterprises makes it difficult to obtain debt financing from the bank directly.In order to overcome on the financing difficulties of small and medium-sized enterprises in our country,to solve the high growth and high technical content of the small and medium-sized enterprise financing problems,in May 2004,the shenzhen stock exchange officially launched the small and medium-sized enterprise sector.The establishment of small and medium-sized board has broadened the direct financing channels of smes and provided strong financial support for the development of small and medium-sized enterprises.Small and medium-sized enterprises as a specific group,play an important role in the national economy,to achieve long-term sustainable development and can better avoid financial risks,the enterprise itself can have a reasonable capital structure is essential.At present,many small and medium-sized enterprises are in the transition stage of growth to maturity,and it is more important for them to optimize the capital structure of enterprises.This paper tries to sum up theory of capital structure research results both at home and abroad,as well as the influence factors of capital structure,aiming at the characteristics of small and medium-sized boards of listed companies in China for the empirical analysis,and USES the empirical results of A company case analysis,to explore various factors for the influence of the small and medium-sized enterprises board listed company capital structure,finally,the small and medium-sized boards of listed companies capital structure optimization scheme is put forward,make the article more practical results.The structure of this article can be divided into seven parts.The first part elaborates the background of the problem and determines the research method.The second part introduces the theory of capital structure and elaborates the different representative theories.In addition,the research of domestic scholars and relevant conclusions are elaborated,which lays a foundation for the following narration.The third part mainly discusses the situation of smes.This paper mainly includes the establishment,development and characteristics of sme board,and discusses the capital structure of sme board listed companies.The fourth part is divided into three levels: macro,middle and micro.From these three aspects,we discuss the influence factors of capital structure.Combined with the research conclusions of scholars,this paper forms a proof process for the research object.Prepare the foreshadowing for the analysis below.The fifth part,the essay discusses the empirical,through data processing,the main conclusion is that the capital structure influencing factor of different industries and different the same degree of factors influencing the capital structure of different industries are different;The capital structure of small and medium-sized enterprises is positively correlated with enterprise scale,enterprise operation ability and enterprise growth ability.It is negatively correlated with the solvency of enterprises and the profitability of enterprises.The sixth part analyzes the case study of small and medium-sized enterprises A,and USES the empirical results to optimize the capital structure of company A.The seventh part summarizes and proposes optimization Suggestions for the capital structure of listed smes.