An comparative analysis of the operator behavior between the state-owned and non-state enterprises — On the basis of the empirical studies of corporate capital structure

This paper analyses the difference operate behaviors between the state-owned and non-state enterprises by studying the factors of capital structure and dynamic adjusting model. The results made by the data from 1998 to 2008 of Chinese list companies, the results show that: 1) generally speaking, state owned enterprises have finance surplus while non-state ones have finance deficit; 2) non-state enterprises profit ability are better than state-owned ones, but the effect of profit index on capital structure of non-state is not significant while the index is significant of state-owned data. Furthermore, state-owned companies with good profit ability are inclined to equity financing; 3) non-state enterprises have faster target-adjustment speed, faster reaction to the risk brought by finance deficit increasing and can better take the chance of decreasing financing cost by stock market. All of these show that non-state enterprises are more active and positive than state-owned enterprises.