Study on Influencing Factors of Capital Structure of Energy Listed Companies

Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical study of the influencing factors of their capital structure. The results indicate that the factors of size, income volatility, and the concentration of owner’s equity have positive relation with the capital structure, while the relation between profit- ability and capital structure is negative. It is also found that the influencing of growth and secured asset on the capital structure are relatively insignificant.