Research On Regional Differences Of Capital Structure Of Sse Star Market Enterprises Of China

On January 23,2019,SSE STAR Market was formally established.SSE STAR Market is of great significance for the pilot registration system,improving the multi-level capital market system,improving the ability of the capital market to serve the real economy,and improving the ability to serve technological innovation companies.The purpose of this study is to test the differences in the capital structure of SSE STAR Market companies in different regions,and based on this,seek for regional differences in variables that affect the structure of SSE STAR Market companies.We divided different provinces and cities into four economic regions: east,northeast,central,and west,and performed Kruskal-Wallis H nonparametric tests on the four economic regions and the 20 provinces and cities included in the registration area of SSE STAR Market company.It was found that the differences in capital structure were not significant between economic regions or provinces and cities.On this basis,we established a multiple regression model,using company-level factors as control variables,and established different economic regions as dummy variables to further test the differences in capital structure between economic regions.The results still failed to prove the There are significant differences in the company’s capital structure.Finally,we used company-level factors as control variables,selected four provincial and municipal differences: fiscal expenditure as a percentage of GDP,standardized number of legal persons in the financial industry,GDP growth rate,and natural logarithm of GDP per capita.We established a multiple regression model,and found that fiscal expenditure The percentage of GDP and the number of standardized legal persons in the financial industry are significantly positively related to the company’s capital structure at the level of 5%.The GDP growth rate and the natural logarithm of GDP per capita have no significant impact on the capital structure;at the company level,profitability,enterprise size and compensation Debt capacity has a significant impact on the company’s capital structure,and growth has no significant impact on the capital structure.This article finds that the regional differences in the capital structure of SSE STAR Market companies are not as significant as expected.It is believed that the research on the two aspects of science and technology enterprises can be further studied from the fact that the management of SSE STAR Market companies has a more national perspective in financing decisions;This article’s research on the effect of company-level micro variables and regional differences macro variables on its capital structure can provide references for corporate financing decisions and investment decisions.With the increase of the number of listed companies on SSE STAR Market,there will be more and more research on the capital structure and equity structure of SSE STAR Market.This article can provide reference for other studies.