The Study On The Impact Of Macroeconomic Factors On Capital Structure Of The Chinese Listed Companies

The choice of capital structure of enterprises is very important in reality.The value of enterprises,financial stability and financing capacity are closely related with it.How to make decisions on the capital structure is the problem that many scholars have been studying and exploring.Through the study and review of predecessors' literature,This paper summarizes the internal business conditions,asset allocation and other factors that affect the choice of enterprise capital structure,including external macroeconomic factors,institutional and industry factors.Combined with the basic situation of capital structure of listed companies in China and the development of macroeconomic,I have explored and analyzed the influencing factors and mechanism of macroeconomic factors on the choice of enterprise capital structure.I found that macroeconomic factors through managerial expectations for business,the profitability of the enterprise,the enterprise valuation,the current cash flow,macro taxation,fiscal expenditure and credit policy have different degrees of impact on corporate financing behavior.These factors eventually led to changes in the capital structure.Based on this,the hypothesis is put forward and the empirical analysis is carried out.In this paper,the A shares of listed companies in China as a research object,selected before 1999 listed 742 manufacturing enterprises from 1999 to 2015 data as a sample study.I observe and analyze the actual situation and changes in their capital structure and financing methods in the process of national economic development.In the course of the study,First,I found that China's manufacturing enterprises had a greater proportion of debt financing,current liabilities ratio accounted for a high proportion.This is mainly due to the dependence on the traditional banking system.Second,Current liabilities of enterprises in recent years decreased faster than the rate of increase before its peak,owes to the rapid development of China's bond market after 2009.Third,in the analysis of influencing factors and influencing mechanism of capital structure,the capital structure of listed companies is mainly determined by managers' judgment on business expectation,the market valuation of enterprises and the actual tax payment.At last,as the equity financing approach is subject to changes in the policy and market changes,the financing scale and macroeconomic factors are not significant laws.Through the construction of panel data,this paper conducted an empirical analysis of macroeconomic factors and micro-enterprise capital structure of the impact.The empirical results show that the capital structure of China's manufacturing listed companies is affected by macroeconomic factors.In the period of economic acceleration,due to the improvement of enterprise development prospects and the improvement of enterprise valuation,the managers of enterprises are exempted from the risk of bankruptcy risks,borrowing funds to borrow funds,carry out the expansion and development of enterprises,capital structure of enterprises improved.Vice versa,Economic growth is positively related to debt asset ratio.The government through macroeconomic regulation and control to change the external financing environment initiatives,this means has a minor impact on the capital structure of manufacturing listed companies,the asset-liability ratio is still cyclical.At the same time,this paper also proves that the tax burden of enterprises is positively related to the assets and liabilities of enterprises,which is mainly due to the tax payment and tax shield effect of enterprises.