In summary, there is little literature on the impact of executive compensation on capital structure in domestic literature, but mainly on the impact of capital structure on executive compensation, while existing domestic and foreign literatures are studying the relationship between executive compensation and capital structure.
National-level factors include GDP and inflation. Wang Wei and Zhao Jun  and Xiao Zuoping  analyze the relationship between capital structure and company characteristics. Huang Shaoan and Zhang Gang  compared the listed companies in the United States and found that the financing behavior of Chinese listed companies has obvious equity financing preferences, while relatively neglecting debt financing.
At the same time, these benefits of debt only happen when the company is running profitably and efficiently.
Ehrhard and Bringham, stated that the business value as it may be defines in the present value of the expected cash flow, discounted of companies adequate average cost of capital. But one who practiced if ignored authorial cautions. Aggarwal R. Journal of Economic Perspectives.