Research On Capital Structure Optimization For Telecommunication Corporate

As one of the problem of business financial administration, the optimization of capital structure has been the reform stress of telecommunication business. Capital structure is an integrated reflection of shareholders' rights and obligations, which determines the managing structure of corporations, and has further influences on their behavior characters and value. Rational capital structure benefits the behavior and value of corporations, otherwise un-rational capital structure benefits the behavior and value of corporations. Undoubtedly the solution of capital structure problem can benefit the reform and enable the telecommunication business to make a greater profit in the market, even reach its maximum marketing value.After being researched continuously, the theories on the capital structure become relatively perfect. First, the thesis introduces the theory of capital structural optimization and analyzes the theories of early net proceeds, net operating earnings, eclecticism and modern capital structure, with an emphasis on MM theory and the balance theory based on MM. However, empirical studies about capital structure are not too many in China. The essential steps optimized Capital Structure is researching on the determinative factors. From the theory aspects, the thesis analyzes the capital structure to clarify the capital structure's definition and specifications from two aspects -- determining the mature and determining the amounts.The thesis puts forward the inquiry into the field, which is how to reform the capital structure of a company. On the basis of the maximum corporation value, the thesis suggests an increasing rate model of Capital structure optimization. According to the corporation' situation and management efficiency, the optimal Capital structure can be obtained. Then, the thesis analyzes the real problem of the telecommunication corporation' capital structure. The thesis reviews the history of telecommunication corporations' reform and finance situation, and then researches on the strategy of the optimization Capital structure. In the end of the thesis, the optimization Capital Structure of China mobile is discussed with collected open data.In one word, the thesis tries to analyze the optimization of the Capital structure to maximize the corporation value, especially the China mobile' Capital structure, to find out the positive ways for reforming China mobile' Capital structure. The thesis makes the conclusions that the China mobile's Capital structure is reasonable, and gives some...