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Current State And Improving Measures For The Capital Structure Of Listed Companies In Wuhan

Posted on:2007-07-05Degree:MasterType:Thesis
Country:ChinaCandidate:S X XiaFull Text:PDF
GTID:2179360182489442Subject:Political economy
Abstract/Summary:PDF Full Text Request
As the footstone for the stock market, the quality of listed companies is the crucial point of a successful stock market. Nowadays, listed companies of low quality not only prevent the further development of Chinese capital market, but also have some negative impact on the establishment and development of our socialism market economy system. Therefore, it is emergent to improve the quality of listed companies. However, to improve the listed company quality radically, we should conduct comprehensive adjustment to make them market subjects involving the market competition with the characteristics of clearly established ownership, well defined rights and responsibilities, separation of enterprise from administration, and scientific management. Proper capital structure, which has positive and profound influence on the modern enterprises system and our economic development, is the necessary condition for companies to be modernized and become market subjects in market competition.This paper chooses the listed companies in Wuhan as the research focus, and there are five parts. The first part is the introduction dealing with the background and significance when choosing the subject, describing the current research state domestic and abroad, presenting the logic structure and contain of the paper as well as explaining the research methods and innovative points. The second part is about the general theory of capital structure. This part makes clear of the controversial definition of capital structure and affirms the connotation of "capital structure". Then it expatiates the relative theories about capital structure in Marxism and western theories. According to the "the development map of western capital structure theories", it describes and comments on the basic viewpoints in four periods: early capital structure theory, modem enterprises capital structure theory, new capital structure theory, and post capital structure theory, which provide the basis when analyzing capital structure of listed companies in Wuhan afterwards. The third part is about the current state and problems of listed companies in Wuhan. This part analyzes the capital structure of listed companies in Wuhan, which is on the basis of large amount of figures, and then points out the key problems of them. The fourth part focuses on the main reasons of problems in capital structure of listed companies in Wuhan. Taking advantage of existing research, it analyzes the influentialelement of capital structure with the methods of quantitative analysis and qualitative analysis. As for the factors that can be quantized, it chooses some indexes to analyze by statistics. And qualitative analysis is especially for some factors than can't be quantized, in which the game theory is also used. The fifth part talks about the measures and principals for improving the capital structure of listed companies in Wuhan. On the basis of analysis above, it puts forward the general principals and some proposals.
Keywords/Search Tags:Wuhan, Listed Companies, Capital Structure, Stock Equity Structure, Debt Structure
PDF Full Text Request
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