Research On The Influence Factors And Model Of Capital Structure Of State-owned Enterprises In Shaanxi

Since its inception of capital structure theory, academic research on capital structure has been going on nearly 60 years, and a series of research achievements have been obtained. Although a lot of work on qualitative and quantitative analysis of capital structure research have been done in recent years, the studies on capital structure are very few. Especially for the capital structure of a particular industry in a region, the targeted studies on the influence factors and model of capital structure are much less. According to the national advocacy of developing the economy of western provinces, the development of Shaanxi Province is very important. State-owned enterprises in Shaanxi Province occupy important position in the national economy, in which the manufacturing industry in Shaanxi Province plays the leading role. In this paper, the state-owned enterprises of manufacturing industry in Shaanxi Province are selected as research subjects. Based on the influencing factors for their capital structures, multi-objective programming optimization model of capital structure is established and optimal capital structure of corporate could be obtained.In this paper, the theoretical studies of domestic and international capital structure have been analyzed in detail based on the review. The data of listed companies of manufacturing industry in Shaanxi Province in 2002-2007 were selected as the research object. Combined with economic development cycle, two economic times including 2002-2004 and 2005-2007 were studied respectively. The current situation of the capital structure of manufacturing status in listed companies were analyzed from the financing structure, debt structure, the differences in the industry, and so on. On the basis of capital structure theory research, the main factors of the capital structure on listed companies in manufacturing industry in Shaanxi Province were explored, and the key factors were obtained using multiple linear regression analysis. Based on those conclusions and combined with multi-objective programming model, manufacturing optimization model of capital structure of listed companies was set up. Finally, the model was validated taking Shaanxi Aerospace Power Hi-Tech Co. Ltd for example.