The Determinations Affecting The Capital Structure Of Chinese Listed Companies

From the early MM theory to the lever ratcheting effect,Western scholars have continuously achieved new results in the study of capital structure.Western scholars'research shows that corporate finance,corporate governance,industry conditions,macroeconomic policies,and cultural environment can all have an impact on the company's capital structure.However,due to the significant differences between the financing mechanism of listed companies in China,the operating mechanism of capital markets,the macroeconomic regulation and the regional cultural environment,Western capital structure theory has poor adaptability to listed companies in China.The domestic academic circles'research on the determinnants affecting the capital structure of listed companies is often limited to a single angle of corporate finance or corporate governance,and cannot fully describe the influencing determinnants of the capital structure of Chinese listed companies.In this view,this paper studies the determinnants affecting the capital structure of Chinese listed companies from five perspectives:corporate finance,corporate governance,supply chain status,macroeconomic policy and social capital.This paper is divided into six chapters:The first chapter is the introduction,pointing out the research background,the research questions and significance,and the possible innovation points.The second chapter is the literature review,including the theoretical basis,literature review and the literature.A brief review;The third chapter is the research design,theoretical analysis of the determinnants affecting the capital structure and put forward hypotheses,explain the sample selection and data sources,define variables and model design;The fourth chapter is descriptive statistics,indicating the sample distribution,and The main variables are descriptive statistics;The fifth chapter is empirical research,taking the Chinese listed companies from 2001 to 2015 as the sample test hypothesis;The sixth chapter is the conclusion and outlook,summarizing the main research conclusions of this paper,and pointing out the paper Insufficient research and possible future research directions.The main conclusions of this paper include:(1)Financial factors:If the company's free cash flow increase,the company's capital structure will decrease;If the company's profitability increase,the company's capital structure will decrease;If the company's scale increase,the company's capital structure will rise;If the company's growth capacityl increase,the company's interest-bearing liabilities rate will rise;If the company's asset liquidity increase,and the company's capital structure willdecrease.(2)Corporate governance:As the company's equity concentration increases,the company's capital structure will decrease;If the company's board of directors increase its activity,the company's capital structure will increase;If the company's equity pledge ratiol r-ise,and the company's capital structure will rise.(3)The status of the supply chain:If the company's supply chain status rise,the company's total asset-liability ratio will increase,but the company's interest-bearing asset-liability ratio will decline.(4)Macroeconomic policy:If the macroeconomic growth rate increase,the company's capital structure will rise;When the country implements a loose monetary policy,the company's interest-bearing debt ratio will rise;When the company is supported by industrial policies,the company's capital structure will rise;When the actual income tax rate rises,the company's capital structure will decline(5)Social capital:When the company is in a region with high regional social capital,the company's capital structure will decline(6)From the perspective of economic salience.the company's profitability,colimpany equity concentration and company equity pledge ratio have a greater impact on the capital structure,while social capital,macroeconomic growth rate and monetary policy have less impact on the company's capital structure.