Font Size: a A A

Research On Financial Structure

Posted on:2005-11-28Degree:DoctorType:Dissertation
Country:ChinaCandidate:L WeiFull Text:PDF
Abstract/Summary:PDF Full Text Request
The capital structure has been a classic topic to research in the subject of finance for more than half a century. No matter in the west or in China, in the academic circle or in the business world, this research has never been interrupted. Looking back on what we have done on capital structure research, we will find we have made numerous significant achievements and this research has been taking the leader position in the subject of finance. However all those brilliant achievements have been written done in history. We know the history is created by yesterday. The society is in development while mankind is in progress. The theory of capital structure which is just like any other subject needs renewal. Perfect and development in response with the emergence of new environments , new problems in a developing society, with the development of corporate theory, the remold of corporate objective and corporate value. The "mystery" of the relation between capital structure and corporate value has been more attractive to scholars and entrepreneurs. The contemporary researchers on capital structure have been still working on this research. They are the creator of the "morning" history. With the rapid progress of China's capital market, the academic circle pays more and more attention to the problems related with the corporate finance including capital structure.The research of this paper as based on the current available achievement, focused on the real situation of China's economy and the feature of China's enterprises. This paper has developed the capital structure to study. It is of significance in furthering, .enriching and perfecting China's research on capital structure, helping China's enterprises to select, adjust and optimize their financing strategy effectively, optimizing thr enterprises allocation of resources, realizing and promoting corporate value, in order to ensure the companies enjoy a long-term existence and sustainable development.The research of this paper can be divided into 6 parts: preface, retrospect and review of related theory, developing capital structure to financial structure, financial structure and corporate governance, the strategy to optimize Chinese public compan ies' financial structure.Part One: Preface this part begins with theoretical and practical reasons to research on this topic. Second, current status of research in this field home and abroad. Third, thr scope purpose and method of research in this paper. This part ends up with the thinking, framework context and creative points of this research.Part Two: Retrospect and review of related theory, this part (chapter1,2) retrospect and the theory (this part, chapter 1.2 ) of firms, redefine a firm, from different perspective, as a combination series of contracts. These contracts maps out the duty , obligation and right between persons, After looking back on classic theory of capital structure and classic theory of firms this paper brings all inputs of a firm into the general capital structure, develops capital structure tofinancial structure and divides financial structure into two levels.Part Three: financial structure and its optimization this part(chapter 3, 4, 5 )analysis the factors which have effect on financial structure, after defining the denotation and connotation of financial structure, this part discusses the selection and optimization of the first level of financial structure, that is the proportion between equity and debt. This part also discusses the secondary level, that is the inner structure inside the equity and debt.Part Four: Financial structure and corporate governance. This part (chapter 6 ) reviews the classic theory of corporate governance and inherits the points had by scholars from home and abroad that capital structure has effect corporate governance, This paper believes that there is an interaction corporate governance and financial structure, this is the efficiency of the corporate governance will affect the selection of financial structure and this pate also provides the means to optimize and perfect corpor...
Keywords/Search Tags:Capital structure, financial structure, Equity structure, Debt structure, Corporate governance
PDF Full Text Request
Related items