The Study Of The Problem On The Capital Structure Optimization Of Our Country's Listed Companies

The problem of capital structure is a key problem of finicial administration of modern enterprise. It is the MM theorem advanced by Modigliani and Miller in 1958 which proposed capital structure has nothing to do with the capital cost that has made systematic and initiative research on it, A lot of economists including Modigliani and Miller have probed this problem On the basis of it, They propose and the MM theorem considering tax revenue , weight theory, new prior sequence financing theorieses, agency cost theory, financial contract theory and signal theory successively, analysing the optimization problem of the capital structure with different angles.The socialist market economic system has already set up preliminarily in our country with the constant intensification of the economic system reform. It has been more than 10 years since the foundation of stock markets of Shanghai and Shenzhen at the beginning of 1990s, The listed companies have already exceeded a thousand . But the achievement of the majority listed companies in our country hasn't been so good as the people's will in recent years, Especially,many new listed companies can't break away from the achievement Strange circle of commonplace in the first year,bad in the next year,loss in the third year". As the core of finicial administration of modern enterprise ,the capital structure influences the administration structure of the enterprise directly on one hand; It even influence the financing cost and market value of the enterprise on the other hand. Therefor, it undoubtedly has great theory and actual meaning to study the optimization problem of the capital structures of the listed company in our country so as to raise the enterprise value by means of optimization of the capital structure, and then promote the healthy and continuous developmentof the capital market of our country and national economy.The study of this text is expanded according the Clue of "put forward the problem -find the problem-Analyse the problem - solve the problem" ,Particularly, this text is divided into five parts as follows altogether:In the part of the foreword , selecting thesis background , theoretical and actual meanings of this thesis , domestic and international current situations of study on relevant problem to it, train of thoughts and method of the study in this thesis is simply introduced. This is the part of put forward the problem of this text.Chapter one ,The historical evolution of the capital structure theory and the currentsituation of the capital structure of the listed companies in our country. Traditional capital structure theory systematically, MM theory, weight theory, new prior sequence financing theorieses, agency cost theory, financial contract theory and signal model are recommend and appraised systematically according the sequence of the evolutions of the theoretical systems of the capital structure.Then the current situation of the capital structure of the listed companies in our country has been observed on the basis of it. This is the part of find the problem of this text.Chapter two ,Study on the effect of the capital structure of the listed companies in our country. In order to unearth the profound reason of the current situation which is " out of the common capital structure " of the capital structure of the listed companies hi our country,! have carried on the study of this chapter, the effect of the capital structure has been questioned theoretically at first,Then the empirical research on the effect of the capital structure of the listed companies hi our country is carried on by means of choosing some data of the sample listed companies from the stock markets of Shanghai and Shenzhen .The result shows, like the conclusion of most domestic scholars, the debt of the listed company of our country is relevant to the performance of them negatively. This is the part of Analyse the problem of this text.Chapter three,Research on the optimum capital structure model of the listed company in our country. Based on-MM theory and weight th...