The Trend of the Change in Capital Structures of Chinese Listed Companies
This paper focuses on the change of financing method of Chinese enterprises and the general trend of capital structure of Chinese listed companies. The financing method of Chinese corporations fell into three successive phases. The trend of the capital structure development of listed companies has the following characteristics. Firstly, the asset-debt ratio of the listed companies is much lower than that of state-owned companies at the same period. Secondly, the asset-debt ratio of lis- ted companies is highly related to their respective current debt ratio. These two ratios has similar developing trends. Long-term debts ratio is different compared with the above two ratios and remains relatively stable with only small fluctuation. Thirdly, the capital structure of Chinese listed companies has experienced rapid decrease and then slowly recovered. This trend clearly re- flects the impact of the financing amount on security market and respective policy on corporate capital structure.