Research On The Factors And Optimization Of Equipment Manufacturing Capital Structure In Liaoning Province

In China, the manufacturing sector holds an important position, and the core of the manufacturing is equipment manufacturing industry. Liaoning's equipment manufacturing industry is the largest pillar industry, and the existence of the optimal value range of its capital structure has not been determined. Funds as the primary need of enterprise survival and development, the enterprise should be based on the operations of their own choice and sources of financing development goals to determine the capital structure. Reasonable capital structure can guide the behavior of enterprises, standardize enterprise development, and improve business performance. Therefore, to study the regional characteristics of Liaoning capital structure optimization of the equipment manufacturing industry, is extremely important and with practical significance for the promotion of enterprise development, enhancing corporate value and protecting investors.Firstly this article reviewes from three aspects. These are the capital structure of factors, economic effects and the existence of optimal capital structure research at home and abroad. Then I make empirical research of equipment manufacturing industry, combineing with Capital Structure theory, optimal capital structure theory, capital structure optimization goal theory and capital Structural evaluation of the standard theory. In this paper, we use asset-liability ratio, current liabilities ratio, long-term debt ratio, interest-bearing debt ratio and non-interest bearing debt ratio to measure capital structure. I expand the factors affecting the level of refinement as explanatory variables to make empirical analysis, on the macroeconomic level, the level of firm characteristics and corporate governance. I use factor analysis and multiple linear regression of each explanatory variables to investigate the impact of capital structure, and the empirical results company with the national comparison sample, to highlight the characteristics of Liaoning and find the corresponding optimal path. I use relevant analysis, linear regression and curve estimation, according to the size of enterprises in five studies to determine the optimal target segment, and then the final recommendations and the corresponding optimization strategy are based on empirical results and theoretical analysis of the capital structure of Liaoning equipment manufacturing industry. The results show that the rate of inflation, the value of asset-backed and short-term solvency are positive factors of the capital structure of the equipment manufacturing industry in Liaoning. Real lending rates, non-debt tax shield, operating income margin, maintenance and appreciation of state-owned capital, accounts receivable turnover rate of money and cash coverage ratio are the negative factors. Firm size, growth are the uncertain directions. Equipment manufacturing enterprises of different sizes are quite different in the optimal debt ratio and current liabilities ratio, but the optimal long-term debt ratio, non-interest bearing debt ratio is no more different. There is no optimal interest-bearing debt ratio according to the rate of return on net assets. While we have a correct understanding of the capital structure of equipment manufacturing industry, according to the size of their adjustment to vary, dynamic adjustment of the capital structure has been optimized continuously.