Research On Dynamic Optimization Of Capital Structure Theory

The theory of capital structure is one of the core contents of financial theory,which is concerned by theoretical and practical circles.The dynamics of capital structure theory has become the frontier of capital structure theory because it is related to the profitability,refinancing ability and debt paying ability of enterprises.Unfortunately,the current research on the dynamics of capital structure theory is scattered in different branches of capital structure theory,and its main concepts,internal logic,model construction and so on exist diversity,but each theory can not completely and perfectly explain the real capital structure.How to determine the perspective of optimization of the dynamic nature of capital structure theory on the basis of absorbing the branches of capital structure theory? How to restructure the theoretical framework of capital structure dynamic adjustment theory? What content does the connotation,denotation,theoretical basis and dynamic element of capital structure dynamic adjustment theory contain? How to determine the target capital structure,adjustment speed and adjustment track that enterprises need to systematically consider when making dynamic adjustment of capital structure? All these problems are important for enterprise financial decision-making and are closely related to enterprise value.Therefore,it is the focus of this paper to explore the internal logic of capital structure theory in order to find its possible theoretical defects and optimize it.In this paper,through sorting out the dynamic research of capital structure theory,it is found that there are two bifurcations in the previous research: one is the further development of the static balance theory in the stage of modern capital structure theory,that is,the dynamic adjustment theory of capital structure that "tends to target adjustment behavior";The second is the dynamic theory of mispricing of capital market,which is put forward in the stage of post-modern capital structure theory.By in-depth comparison of these two theories to study the evolution path of bifurcation,we find that the dynamic adjustment theory of capital structure under static hypothesis has a solid theoretical foundation,rigorous mathematical formula derivation,and interlocking core elements,which has strong systematicness and visibility on the whole.As far as the current research results of the dynamic capital market mispricing theory under the dynamic hypothesis are concerned,it completely breaks away from the theoretical framework of modern capital structure and introduces a relatively abstract concept,which leads to its separate research contents and fragmentation,with scattered and poor systematic results on the whole.Therefore,this paper bases the dynamic research of capital structure theory on the dynamic adjustment theory of capital structure,and optimizes the key dynamic factors such as target capital structure,capital structure adjustment speed and capital structure adjustment track.The main innovations of this paper are:(1)In the process of clarifying the development history of Capital structure theory,it is pointed out that the development of Capital structure theory should focus on dynamics.By analyzing and comparing the two evolutionary paths of Capital structure theory dynamic research in detail,we find out the entry point of the proposed optimization of Capital structure theory dynamic research,namely Capital structure dynamic adjustment theory under the static assumption.The reason is that,compared with the dynamic theory of capital market pricing error under the dynamic assumption,this theory has a solid theoretical foundation,a strong system,and the core elements have room for optimization and improvement.Therefore,based on Capital structure dynamic adjustment theory of dynamic adjustment of capital structure,this paper constructs an overall theoretical framework covering connotation,denotation,theoretical basis and dynamic elements,and further improves Capital structure theory system.(2)Point out that the theory of dynamic adjustment of capital structure optimization of the capital structure of the target should highlight the multilayered and interactive,and in the estimation of target capital structure with common factors interaction effect panel model and hierarchical factor model,combining with the target capital structure of enterprise micro,meso and macro factors,make the research of capital structure dynamic adjustment have precise pertinence.(3)Point out that the theory of dynamic adjustment of capital structure adjustment speed optimization should highlight the initiative,and highlighted the build target capital structure expression based on the characteristic of real estate industry,through mathematical deduction will be "active" and "passive adjustment" two types of motivation in the demarcation of adjusting speed,in order to more accurately express the capital structure dynamic adjustment speed.(4)Point out that the track dynamic adjustment in the theory of capital structure optimization should highlight the nonlinear and by introducing nonlinear smooth transition autoregressive model,will affect the choice of capital structure adjustment variables internalized in the model,allowing companies in accordance with the different adjustment speed,follow a different path to the target capital structure adjustment,thus improve the predictability of capital structure dynamic adjustment.