The Effective Factors of Financial Structure of SMEs

Companies need financial resources for their project financial supply and new investments and choose the best company resources or capital structure to maximize stock holder’s wealth. The way that company supplies asset resources is noticeable for people and interest party companies، so the amount of debt and stock that the company is used for its asset financial supply is important، for this will affect their decisions in relation with company. This research has resorted to investigate some factors such as liquidity، systematic risk، share price، growth opportunities and fluctuations of profit which affect financial structure of SME’s. To examine the research hypothesis، 82 companies that have listed in Tehran stock between 2005 to 2009، according the factors that are called SMEs، have been selected. To examine econometric model which is tested in Panel format Eviews software، and to examine correlation between variables that is determined through coefficient correlation، Spss software is used. The research results show opposite relationship between liquidity and growth opportunities variables and financial structure of SMEs، and also show there is no significant relationship between other research variables (systematic risk، share price and fluctuations of profit) and financial structure of mentioned companies.