The determinant analysis of capital structure for listed companies in hebei province

摘要

The capital structure remarkably determines the debt paying and refinancing capacity of an enterprise and then influences the future earning level. In this paper, firstly we analyze the conditions and characteristics of the capital structure of 24 listed companies in Hebei Province through the related data from 2006 to 2015. Then, we examine the mainly micro-factors to capital structure by the empirical analysis. The results show that the profitability and the company scale are the major factors that influence the capital structure. Firm size and debt ratio are positively related, meanwhile, profitability is negatively related to debt ratio. In addition, asset structure, growth of company and the level of specialization are all not significantly related to the capital structure.