Empirical Study on the Capital Composition Impact Factors of the Listed Company in the Growth Enterprise Market in China

Abstract

This paper selected 153 listed companies between 2009 and 2010 in the Growth Enterprise Market (GEM) in China as the sample, and selected the financial data between 2010 and Mar., 2012, by adopting the factor analysis method, multivariate regression analysis method, .etc., to study the key capital composition impact factors of the listed companies in the GEM with asset-liability ratio as the measure index. The study shows that the company capital composition appears obvious negative correlation with profitability, debt paying ability and ownership concentration, while appears obvious positive correlation with company scale, internal financing ability and income tax rate, and appears no obvious correlation with the free cash flow, operation ability, growth ability asset collateral value and growth.