Study On The Influence Between Equity Structure And Capital Structure Of Chinese Sme Board

Under the new situation,enterprises face the complicated competitive environment.The restricting of many enterprises operating increase in profits and efficiency improvement of deep-seated problems still outstanding,and capital structure is considered to improve the business profit and management efficiency.Exploring the influence of capital structure not only has the important significance on the corporate governance efficiency,but also has great influence on enterprises' performance and value.Scholars at home and abroad related of this thesis research topic are relatively abundant,but around the research subject of "small and medium-sized boards of listed companies" is relatively lacking.Small and medium-sized boards of listed companies as a very important market in the multi-level capital market system in our country,will produce important influence on the development of society for the whole economy.On the basis of reading many domestic and foreign literature,reviewing scholars home and abroad,the paper puts forward four research hypotheses.The paper takes 610 small and medium enterprise board listed companies as the research objects,count up to 3050 sample data.Making an empirical analysis of ownership structure on the effect of capital structure by using SPSS21.0 software.The results show that the equity structure is the important determinants to the capital structure,and the change of the ownership structure will influence the dynamic adjustment of capital structure.In this paper,the main conclusions are as follows:(1)With the development of economy in our country,the asset-liability ratio show a trend of rising each year;(2)The first big shareholders have a significant negative correlation with the asset-liability ratio;Proportion of state-owned shares have a positive correlation with the asset-liability ratio,but not significant;The percentage of legal-person shares are negatively related to the asset-liability ratio;The proportion of circulating stocks are positive correlation to the asset-liability ratio;(3)The non-debt tax shields,asset collateral value,company size,profitability,the year,as the control variables are also the great influence factors to the capital structure.The end of the paper puts some suggestions on the aspects of improving equity structure,optimizing capital structure and improving the efficiency of corporate governance.