Empirical Research On The Impact Of Capital Structure Change On Listed Firm Value

With the expansion of the company's scale and the raise of decision-making lever, companies do not only concern the decisions of the scale of financing, pay more attention to the ways of financing and the capital structure to enhance the company's market value, and to achieve the best interests of investors. However, the listed companies' financing capacity is not very good in China; the capital structure is unreasonable, financial leverage is not effective used, so it impacted on the operating results and the value of enterprises. Therefore, the study of the relationship between China's listed companies' capital structure and enterprises' value is helpful for the increase of China's listed enterprises' value. And it can raise the lever in financial decision-making, so, improving our listed companies' capital structure is greatly significant. This paper first discuss the research status quo of capital structure, and selected steel industry and electrical manufacturing industry, through the regression model and comparative analysis to get know the impact of the capital structure on the enterprise value. This paper is divided into six parts, each part of the study as follows:The first part, it introduced this background and significance, purpose and methods, the situation at home and abroad,this papers' contents.The second part, it recalled the theory of the capital structure, summed up the main conclusions researched by scholars and draw inspiration.The third part, it described the basic concepts of the capital structure and enterprise value, and using standardized methods to the study the relationship between this two.The fourth part, it illustrated the assumptions, selected sample, designed variables, established the model. Through empirical analysis, we can get the relationship of China's listed company's capital structure and the enterprises' value.The fifth part, it reflected our capital structure of the enterprises the status by the above analysis and raised recommendations optimizing capital structure.The Sixth part, it concluded this paper and made research future.