An Empirical Research into Factors Affecting the Capital Structure of Listed IT Companies——Proof from Section Data of Chinese Listed Companies

In the theoretical framework of determinants of the capital structure,the present paper,based on a sample of 45 IT companies listed on the Shenzhen Stock Market,makes an analysis of the major factors that affect the capital structure of listed IT companies in China.The result reveals that company size and profitability are strikingly correlated with the capital structure;growth,non-debt tax shields and capability to pay debts have an obvious negative effect on the selection of the capital structure by the company;whether or not a company is specially treated also affects the capital structure,while collateral value of assets seems to have less obvious effect.