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Empirical Study on Influencing Factors of Capital Structure of Chinese Petrochemical and Petroleum Listed Companies

Yanming Zhang, Guiying Jia, Huixia Fu, and Xinzhu Feng
Northeast Petroleum University Daqing, China
Abstract—The capital structure problems of current some petroleum and petrochemical listed company are high of asset-liability ratio and ownership concentration. Selecting 2010-2012 data as a sample and using factor analysis and multiple stepwise regression analysis, empirical results show that cash flow capacity factor F1 and growth factor F4 are negatively related to Asset-liability ratio; Size factor F2 and Asset-liability ratio are related. Based on the result of empirical analysis, optimizing the petrochemical listed company's capital structure should pay attention to cash flow capacity and size and growth of petroleum and petrochemical companies.

Index Terms—petroleum and petrochemical listed companies, capital structure, influencing factors

Cite: Yanming Zhang, Guiying Jia, Huixia Fu, and Xinzhu Feng, "Empirical Study on Influencing Factors of Capital Structure of Chinese Petrochemical and Petroleum Listed Companies," Journal of Advanced Management Science, Vol. 2, No. 4, pp. 295-300, December 2014. doi: 10.12720/joams.2.4.295-300
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