Empirical Study On The Influencing Factors Of Capital Structure Of Small And Medium Sized Public Companies

In recent years,the government vigorously promote what we are called the "double create" provides a good opportunity for the development of small and medium-sized enterprises.At the same time,“crowd-funding” greatly help to alleviate the capital bottleneck what small and medium-sized enterprises face now.In this background,the development of small and medium-sized enterprises have sprung up and its' capital structure is also diverse.Because the capital structure and capital cost of small and medium-sized enterprises will directly influence its financial ability.Therefore,to use the SME board listed companies as the object of the study and then to find its' capital structure influence factors which undoubtedly has important value and significance to promote the development of small and medium-sized enterprises sustainable and healthy.In this thesis,the theoretical and empirical research methods are both used to study the factors which influence the capital structure of small and medium-sized listed companies.First of all,I rearrange the theories of capital structure in order to pave the way for the following empirical study.Secondly,discuss the concept of small and medium-sized enterprises.Include different standards of company and the characteristics of the small and medium-sized enterprises.Then put forward the research hypothesis which base on the existing literature and theoretical analysis.So I can construct an empirical model and using SPSS23.0 software to test the influence factors of capital structure.Finally,according to the empirical results put forward some suggestions and policy recommendations to optimize the capital structure of Listed Companies in SME Board.The results showed that the company's solvency have significant negative effects on small and medium-sized enterprises' capital structure.Operation ability and non debt tax shield have significantly positive correlation with the enterprises' capital structure.Profitability has positive relation with capital structure but not statistically significant.Development ability and product unique have no significant impacts on capital structure but negative relation.At last,above all provide some suggestions and policy recommendations base on these results.