An Emirical Study On The Impact Of Industrial Competitive Factors On Capital Structure Of Listed Companies

The relationship between risk management field and capital structure from the capital structure theory was founded at the beginning of many theories to exclude factors beyond the discussion on debt financing decision until 1980s was caused by industrial economics research of financial theory of the full attention.With the in-depth,broaden the research perspective,the relationship between the industry competitive factors and capital structure and mechanism of the differences is more and more big,the capital structure decision-making guidance the results are also different.On the basis of summing up and summarizing the previous related theories and research results,this paper makes an empirical study on the relationship between industry competition factors and capital structure of Listed Companies in china.First of all,this article has carried on the widespread reading and the research to the enterprise capital structure and the profession competition factor correlation literature.It is found that there is a close relationship between the interaction of capital structure and industry competition factors,but there are no consistent conclusions about the related problems between the theoretical models and empirical research conclusions.Then,for the support of this research,the sample selection criteria and scope,and according to the relevant indicators and current situation of capital structure of Listed Companies in China according to the industry classification described a simple analysis of the possibility of cause related conditions.Third,based on the analysis of the status quo review and descriptive theory,and makes an empirical research on key industries choice:first,according to the above theory research puts forward two assumptions about the relationship between industry competition factors on capital structure;then,this paper selects the Beh Finn de index as the classification standard of industry competition type at the same time,select interest property debt rate represents the capital structure as the explanatory variable,select the industry operating profit rate represents the degree of competition and selection of the total asset turnover represents the efficiency of the industry as the explanatory variable,and a sales representative selection of industry scale and the proportion of fixed assets as control variables,the empirical study on the situation of the industry is not divided.The results show:the degree of competition and enterprise have interest property debt rate was positively correlated;the average operating efficiency and business industry have interest property debt rate was negatively correlated;at the same time through the unit root test variables and residuals can be concluded that the econometric model is stable.Fourth,this paper is industry research conclusions and puts forward the corresponding question based on research in the industry consider industry characteristics,and found that the resulting separation in results regardless of the industry,and similar parts and comprehensive measuring index is better than no industry situation,part on the contrary,a part of the display measurement index is notsignificantly related,and what is the explanatory variable and the explanatory variablesdo not belong to the same order.Finally,this paper briefly summarizes the relevant research results,and tocomprehensively explain that the decision of capital structure of listed companies not only need to pay attention to the internal factors of the cost of capital and corporate governance should be more competitive with the industry to adapt to the environment.At the same time,this paper obtained in the process of research implications are discussed,to provide new clues for future research,and I hope this research can give some valuable inspiration later.