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Capital market development is complete, the enterprise will be to diversify funding sources; imperfect development of the capital markets, corporate equity financing in the absence of the case, it must be to maintain production operations through debt and liabilities and mainly from banks and other financial agency loans, which increased the invisible capital structure unreasonable situation.

金融市场的变动对企业资本结构影响较大。在资本紧张时, 信用等级较低的企业因其长期债券没有市场, 只好放弃长期负债筹资方案, 而到股票市场或短期资本市场去筹集资本。

Changes in the financial markets a greater impact on the corporate capital structure. Tension in the capital, a lower credit rating for its long-term corporate bonds have no market, had to give up long-term debt financing program, and to the stock market or short-term capital market to raise capital.

筹资的利息费用可在所得税上得到减免, 而股利支出由税后利润负担, 不具有抵税的作用。由于负债资本利息属于免税费用,因此企业所得税税率越高,负债资本抵税利益就越大,税收因素对增加负债资本的客观刺激作用也就越明显。

Interest expense on financing can get relief on income tax, while the dividend payout by the burden of after-tax profits, the role does not have a deductible. Since interest is tax-exempt debt capital costs, so the higher corporate income tax rate, the greater the gearing tax deductible interest, taxes increased gearing factors on the objective stimuli to the more obvious. When companies have a profit in order to truly enjoy the benefits of tax-deductible interest. State-owned enterprises such as large losses, liabilities would not achieve the role of tax-deductible, but interest on debt deductible for income tax effects still exist objectively.
Large corporate reputation is good, easy to get government support, operational risk is low, easier access to loans. Large firms tend to implement a diversified or vertically integrated operations, decentralized operational risk, improve the overall level of efficiency.
If the business development and management is extensive, it will lead to lower corporate profitability, it is difficult through retained earnings or other equity capital to raise funds through debt financing had, this will inevitably lead to increase the proportion of debt in the capital structure, this class enterprises should pay attention to financial risk; while for strong profitability of the enterprise, its retained earnings will be more, according to M yers and M ajluf (1984) theory of finance sorting, companies use retained earnings to lower the cost of financing in debt financing, while debt financing is lower than the cost of equity financing, so the stronger the profitability of the company, its use retained earnings to finance the stronger the tendency, the corresponding proportion of debt financing will be lower. In accordance with the theoretical expectations, the proportion of debt financing the company's profitability should be a change in the opposite direction.
Business growth and capital structure positively correlated. The more rapid growth of the enterprise, its desire to expand the market stronger, more thirst for capital. Strong growth of the enterprise, even if profit levels are not low, but depends only on retained earnings is not enough. In reality, there are often many restrictions equity financing, companies more inclined to readily available debt financing, so the higher the rate of corporate debt. The company's capital requirement, plac