China's Listed Company's Capital Structure And Its Optimization

Since the inception MM Theorem, the capital structure theory has been the focus of attention among economists. Capital structure as a corporate stakeholder rights and obligations of the concentrated reflection, influence and determine the corporate governance structure, and then influence and determine the characteristics of corporate behavior and corporate value. In recent years, scholars of Chinese listed company's capital structure studies have shown that the market environment, enterprise system and the financial system, the difference in the West, capital structure theory can not fully explain the financing behavior of listed companies in China. China's capital market relatively late start, the capital structure of listed companies there are many problems. However, the number of listed companies in China's manufacturing industry accounted for the total number of listed companies in China for half, so for the manufacturing sector of the capital structure of listed companies, has universal significance. This article studies in depth the current situation of China Listed Companies, and drawing on western capital structure theory and research scholars at home and abroad, in-depth analysis of current industry factors listed companies, looking to establish manufacturing in China listed companies comply with the optimal characteristics capital structure.First, the theoretical foundation of corporate finance -- the concept of capital structure theory and the development of an overview, in order to find the optimal capital structure theory, the possibility exists.Second, the basic situation of the manufacturing companies conducted analysis of manufacturing companies made a clear definition, and describes the development of Chinese manufacturing companies and their capital structures of the current situation, analyzes its Capital Structure , optimization of capital structure for the industry to provide evaluation criteria, optimization goals and optimization approach for the specific enhancement measures proposed to provide the evidence base. Finally, based on the foregoing analysis, put forward the optimal capital structure of Chinese enterprises, and manufacturing identification methods optimize the capital structure of listed companies the principles and recommendations.