Abstract: Macroeconomic conditions are vital factors affecting the optimal capital structure of a company. Based on the economic situation of China, this paper systematically analyzes the impact of changes in macroeconomic conditions on corporate capital structure, and adds the shadow banking factor into the research framework for the first time. Using the financial data of listed companies, we construct corresponding static and partial dynamic adjustment models for analysis, and focus on the impact of shadow banking on corporate capital structure and adjustment speed. The empirical results can be summarized as follows. First, total market value and profitability are negatively correlated with book leverage, and book-to-market value ratio, capital expenditure and total non-current assets are positively correlated with book leverage. The influence of total assets is heterogeneous, which pushes up the book leverage of state-owned enterprises and reduces the book leverage of private enterprises. Second, the growth rate of industrial added value and the total market value of listed companies reduce the level of capital structure while inflation increases the level of capital structure. The growth of shadow banking reduces the level of capital structure, highlighting the structural contradictions in China’s financial system. Third, the capital structure adjustment cost and the difference in asset liquidity cause the difference between the adjustment of book leverage and market leverage, in which market leverage adjustment is faster. Fourth, shadow banking reduces the optimal corporate capital structure and positively regulates the speed of capital structure adjustment.

Key words: macroeconomic dynamic, adjustment of capital structure, pecking order theory, trade off theory