Empirical Research of the Capital Structure Influencing Factors of Electric Power Listed Companies

In this article, we selected 25 electric power listed companies in the electric power industry as the samples to study the influences of micro factors on the capital structure of listed companies, and the sample period was from 2002 to 2007, and these micro factors mainly included company scale, profitability, growth, non-debt tax shields, fluidity and capital structure. The research results showed that the company scale, non-debt tax shields and assets structure were not significantly correlated with the capital structure, and the profitability was significantly negatively correlated with the capital structure, and the fluidity of the assets was negatively correlated with the capital structure. Finally, we put forward that the share-reform and the macro influencing factors should be further researched.