Capital Structure Influence Factors Research of Regional Listed Companies - On the Basis of Comparison of Zhejiang and Liaoning Province

Abstract

This paper choose financial date in 2010, including 132 listed companies in Zhejiang province and 44 listed companies in Liaoning province which went public in Shanghai and Shenzhen exchange before 2010. Through statistics software spss 16.0, using least square method of multiple regression analysis with goodness-of-fit R2 inspection, whole F test of regression equation and the T test of independent variable coefficient, we can find the influence factors that have significant effect on capital structure. It turns out that capital structure in Zhejiang province has significant positive correlation with company scale, profitability and asset collateral value, and income tax; it has significant negative relationship with debt paying ability, internal accumulation ability ; it has non-significant relationship with growth ability, assets operation ability. Capital structure of the listed company in Liaoning province has significant positive correlation with growth, asset collateral value, income tax; it has significant negative relationship with profitability, solvency, operation ability ; and it has non-significant correlation with company size, internal accumulation ability.