Analysis on the Differences of Capital Structure Industry of Chinese Listed Companies and Their Changing Trends

The capital structure of enterprises is the embodiment of enterprise financing decisions. Understanding the trend of changes in corporate capital structure is of great significance for understanding the financing behavior of enterprises. This paper uses the panel data of China's A-share listed companies from 2007 to 2017 to reveal the different capital structures of listed companies in different industries. The study found that the capital structure of listed companies in China fluctuated between 2007 and 2013, and remained at a relatively stable level from 2013 to 2017.From a macro perspective, the trend of changes in the capital structure of enterprises and the prosperity index of GDP and economic environment shows a clear consistency. It can be seen that the trend of capital structure changes of listed companies is affected by external economic environment factors. From the perspective of industry differences, the capital structure of each industry has obvious industry characteristics. There is a significant difference in the average level of capital structure between different industries, and it has universality and stability in time. Chinese listed companies should consider their own industry capital structure, the overall trend of change and its influencing factors rationally optimize its own capital structure.