An Empirical Study on the Determinants of Capital Structure of Manufacturing Enterprises in Zhejiang Province Based on RBF

Identifying the factors that influence firms’ capital structure can help manufacturing enterprises to survive and also expand especially in the post-epidemic era, for which is affected by the capital market and has a relatively long feedback cycle. Investigating on many various factors of the real manufacturing firms in Zhejiang Province, this paper firstly analyzes the determinants of capital structure, secondly drills up reasonable data from 2009–2018 to reduce the interference of the epidemic on real economic data, thirdly deploys radial basis function networks (RBF) model to decrease the complexity and uncertainty of real capital structure. The results reveal that firm size, shareholder structure, and growth opportunity generate positive impact while profitability has a negative influence on the capital structure, which indicates that our mechanism is efficient and valuable.