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Analysis on the Factors Affecting the Capital Structure of Small and Medium-Sized Enterprises in China

DOI: 10.4236/ajibm.2018.81010, PP. 156-162

Keywords: Small and Medium-Sized Enterprises, Capital Structure, Factors, Capital Market

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Abstract:

The capital structure of small and medium-sized enterprises is closely related to enterprise financing. At present, the capital structure of small and medium-sized enterprises in China is unreasonable. There are disadvantages such as low proportion of internal financing, single external financing channels and excessive short-term liabilities. The theory of enterprise capital structure studies how the enterprise arranges its capital structure in its development or contraction, which means how the enterprises determine the ratio of their own capital, equity capital and debt capital in order to maximize their market value. In other words, how to find the optimal capital structure of the enterprise is the central task of the theory. This paper starts from the economic environment and characteristics of small and medium-sized enterprises, discusses the internal and external factors affecting the capital structure of small and medium-sized enterprises and puts forward the countermeasures and suggestions for optimizing capital structure of small and medium-sized enterprises.

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https://doi.org/10.1080/03768350500364224

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