| In recent years, The phenomenon of value migration grows in intensive, the speed which form the tongue advance by making people open one' s eyes wide in some enterprises, for instance Microsoft, Cisco and Lenovo, etc.. And contrary to it, enterprises of old brand such as associating, retailing, steel struggle in the mire that is lost, although they invest the enormous capital, only obtain little profit. So, someone defines the value migration of this kind of industry and enterprise with "shuffling again" . AJ. Slywotzky adopts a large number of cases in such books as "value migration" , "profit district" and "mode of the profit" , etc. then, to have proved a view: In new era, we need new strategy which must be set up on the new rule, this era is called the era of value migration.Value migration is refer to the course in which incomes and market value shift between the trades , company and even inside the company , etc. The phenomenon of value migration can take place among different trades, between different enterprises of the same trade, between different products or labor service or even homework of the same enterprise. So, each enterprise faces the risk that value shifts without exception. According to their specific commercial risks of stage, enterprises living in stage of different value migration will form its unique capitalstructure gradually. In the same trade, because the value among the companies is shifted, company' s administrator must realize which stage the company is in, and take one' s kind of financing accordingly. So, It is particularly important to investigate the relation between the existing capital structure and value migration of listed companies of our country.This thesis proceeds from angle of the influence factor of the capital structure of listed company, introduce the research results in recent years both at home and abroad. On the basis of drawing lessons from the authentic proof that predecessors use, we choose the market and financial data of 388 listed companies of the A-share manufacturing industry in Shanghai and Shenzhen stock markets, it is firstly analyzed the significant level of the correlation between the ratio of market value to company scale and debt-to-assets ratio; Then according to the theory of value migration and the ratio of market value, the 388 listed companies of the A - share manufacturing industry can be classified into 3 groups: companies in the value-flow-in period, in the value-stabled period, and in the value-flow-out period. At the end is the through empirical study on the characteristics of capital structure of companies which is in different value migration period.Results show that: 1.There are significant differences among the capital structures of different companies which is in different value migration. 2. About 12% of the differences among companies can be explained by their value migration. The research will provide the current situation of capital structure which used by the listed company of manufacturing industry of our country, and propose some suggestions for enterprises to consult while making decision of capital structure. |
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