The Research Of Broad Capital Structure Of The Listed Company In China

Dialectical unity about material patterns and value patterns embodies the duality of capital. For the value patterns, Owner can obtain the value-added benefit of enterprises relying on his material inputs enterprises, is the essence of physical capital. When and only when the human can access the value-added benefit of enterprises, human has become capital, that is, human capital. Therefore, the homogeneous nature of physical capital and human capital is embodied that they were both able to achieve the value-added benefit of enterprises. By redefining the nature of capital, we can narrow the meaning of the modern corporate capital into broad. The so-called modern companies broad capital refers to all companies owned or controlled by the sum of physical capital and human capital in a given time-frame. The broad capital structure of modern companies refers to physical capital and human capital and their respective internal component ratios and interrelationships. Broad capital structure of modern companies depend on their economic interests circumference scope and negotiating capacity. With the continuous deepening of Chinese economic reform,state-owned enterprises stakeholders economic status gradually clear,and formed their own, border relatively clear economic interests circumference. The broad capital structure of listed companies in China reflects a kind of economic cooperation. This economic cooperation between the owners of capital is based on certain common economic interests to achieve. It reflects to some extent the principle of economic efficiency. There are three aspects of problem of the broad capital structure of listed companies in China: the formation of their broad capital structure is inefficient,the ratio is uncoordinated, and the adjustment is path dependent. The empirical analysis shows that: the human capital structure of listed companies is positive to the company value, debt-to-asset ratio is also positive to the company value, equity mobility is negative to the company value, broad capital structure is associated with the company value, and human capital and physical capital can affect the value of the companies mutual alternative. Owners of capital through negotiation, the contract establishing the modern corporate, the governance structure and the capital structure of the company must be symmetrical. The specificity of broad capital structure of listed companies determines the specificity of its management structure in China. The reforms to listed company physical capital governance, should begin with the elimination of path dependence on the system change process, next should enable owners of material capital and human capital in the corporate governance process harmonious interaction. Human capital in corporate governance, the key is to further define the status of human capital in the companies broad capital structure, clearly define the economic interests circumference of owners of human capital, at the same time, to enhance the negotiating capacity of the overall human capital. Through a mutually binding consultative mechanisms to achieve the functional value of the company and the value of human capital"win-win". Chinese listed companies overall declined in the quality in recent years, the fundamental reason is that the broad capital structure is unreasonable, and lack of economic efficiency. Therefore, Chinese listed companies must further adjust and optimize their broad capital structure. Adjustment and optimization of the company's broad capital structure must have a certain internal and external conditions, external conditions for operating platform, and internal conditions for specific operational tools. From the perspective of the broad capital structure,the listed companies in China can be divided into three types: energy-based companies, technology-based companies and knowledge-based companies. The strategic focus on adjustment and optimization of broad capital structure of energy-based companies, is increasing the proportion of creditor capital, optimizing structure of creditor capital, and enhancing the effectiveness of creditor capital. The strategic focus on adjustment and optimization of broad capital structure of technology-based companies, is increasing the proportion of equity capital, optimizing structure of equity capital, and enhancing the effectiveness of equity capital. The strategic focus on adjustment and optimization of broad capital structure of knowledge-based companies, is increasing the proportion of human capital, optimizing structure of human capital, and enhancing the effectiveness of human capital.