Bancel and Mittoo  argue that the legal environment in different countries has an important impact on the company’s capital structure.
According to AD Jong, R Kabir, TT Nguyen  from the bond market structure (bond market development, creditor power protection, law enforcement perfection), stock market structure (shareholder power protection, stock positioning level), capital formation rate and GDP growth rate Four aspects examine the direct and indirect effects of national factors on capital structure.
This paper will summarize the relevant literature at home and abroad, pay attention to the study of capital structure theory and its influencing factors, and then optimize the relevant theoretical framework to provide theoretical basis for decision-making. Introduction The article is divided into three parts.
The first part is a literature review on the choice of capital structure.
The theory distinguishes between two companies’ conflicts of interest: the cost of equity agency caused by conflicts of interest between shareholders and managers, and the cost of debt agency caused by conflicts of interest between creditors and shareholders.
Ross  first incorporated asymmetric information into the study of capital structure.
The third part is a literature review on the impact of executive compensation on capital structure.
The literature focuses on the impact of executive compensation levels, salary gaps, and equity incentives on capital structure. Literature Review on the Theory of Capital Structure Modigliani and Miller  conducted a groundbreaking study on the theory of capital structure, and proposed that the theory that the capital structure of the company has nothing to do with the company value in the complete market is the MM theory.
Their research in 2008 shows that from the perspective of company-level variables, there is a significant correlation between profitability, growth and other indicators and capital structure.
From an industry perspective, the degree of competition between product markets and financial leverage in different industries There are mutual influences.