The Regional Difference Of The Capital Structure Adjustment Speed Of The New OTC Market Listed Companies

Small and medium-sized enterprises are an important force to stimulate the rapid development of economy in China.Improve the financing difficulty of small and medium-sized enterprises and enhance the financing efficiency of enterprises is a topic of concern to the industry.In China,the development of the capital market started late and developed slowly.As an important supplement to the multi-level capital market,the New Otc Market provides a financing platform for many growth,innovative andentre-preneurial enterprises.At the same time,the state has also given certain attention and policy support to the development of the New Otc Market,hoping that the financing problem of small and medium-sized enterprises can be effectively solved through the New Otc Market.Through these years'development,the New Otc Market has made great progress in market scale,numbers of listed companies and financing amount.Through the study of the New Otc Market listed companies,we hope to see the current situation and dilemma of the development of small and medium-sized enterprises in China.The research topic of capital structure has been the focus of scholars' research and attention in recent years.For an enterprise,its debt level not only affects its interest,expense and tax,but also affects its future investment decisions.Through the analysis of capital structure,can understand the enterprise's financial position,operating conditions,and capital structure adjustment speed speed can reflect the enterprise's ability to grasp the investment opportunities,and face a debt crisis even the possibility of their survival ability,so the study of factors affecting capital structure adjustment become the focus of the capital structure research.Through these years'development,the New OTC Market has made great progress in market scale,numbers of listed companies and financing amount.Through the study of the New Otc Market listed companies,we hope to see the current situation and dilemma of the development of small and medium-sized enterprises in China.How to influence the change of the speed of capital structure adjustment and the improvement of the company's operating condition by influencing the factors of capital structure adjustment.Through the combination of domestic and foreign situation of the progress study and theoretical analysis,the dissertation selects 3796 the New Otc Market listed companies as the research samples from 2013 to 2018,and divides it into the east,the middle and the west according to the region.Through the system GMM,the adjustment speed of capital structure of the New Otc Market listed companies is estimated to be 0.457,and the influence of regional differences on the adjustment speed of capital structure is emphatically explored.The results show that there are regional differences in the speed of capital structure adjustment,and the speed of capital structure adjustment of the New Otc Market listed companies in the eastern region is more faster than that in the central and western regions.The speed of capital structure adjustment is affected by macroeconomic environment,income tax rate,profitability and liquidity ratio,and is negatively correlated with profitability and liquidity ratio,and positively correlated with macroeconomic environment and income tax rate.