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The Study on Correlation between Capital Structure and Size of Company of Listed Companies in China

Author: LiChunShan
Tutor: LuoFuKai
School: Ocean University of China
Course: Business Administration
Keywords: capital structure company size correlation main determinant regression analysis
CLC: F275
Type: Master's thesis
Year: 2008
Downloads: 76
Quote: 0
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Abstract


Nowadays,it is one of the trends of the size of company is growing larger in international competition market. The basic situation in China is that the large company is not large enough and the small company is too weak and they are in disadvantage position in international competition.This thesis introduces the empirical study on the correlations between the size and capital structure of the listed companies in China.This thesis uses the linearity regression empirical study method,finding the correlations between the change of capital structure and size of companies.First,it introduces the main theories of capital structure.Secondly, it introduces the influential determinants of capital structure and size of companies.Third,it concludes that study on the correlations between capital structure and size of companies.Fourth,it describes the capital structural ratio,the real situation of the size of company in statistics.,explaining the existing problems.At last, using the correlation examination and main determinants regression analysis,it examines and explains the relations between the capital structure and size of listed companies.This thesis examines 566 A non-financial class companies in Shanghai Stock Market.In the description and statistics according to the field classification,the description results for the size and capital structure shows that they centralize and disperse. In the correlation examination,it is obvious that most of the parts are positive correlation,only one is negative correlation.When the main determinants are taken,the influence and importance of size of companies are different in different fields.However,in multi-dimensional regression,it is obvious that the positive and negative exist in the meantime and comply to the study and conclusion in modern capital structure theory. The study shows that:1.It has difference between capital structure and size of companies in different field, some are relatively centralized and some are dispersed.2.The correlation between the size of companies is not the one result,it has positive correlation and negative correlation.3.It has exact functional relations between size of companies and capital structure and linearity ralations.4.The size of companies and ratio of total capital debt is changing with time and the capital structure performs differently in different years.This thesis suggests to optimize the capital structure of listed companies in two sides according to the results from empirical study.In microscopic angle,focus on self-construction,set up the consciousness of debt structure,promote the profits level,strengthen the resistance to risk.In national macroscopic angle, consummate the capital market construction,develop the organizational investors,make the capital market active.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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