The Research On The Cptital Structure Of Listed Companies In China's Steel Industry

Steel industry is the basic industry of the national economy for each country all over the world.From the very beginning, it plays an important role in the running of national economy. The development level of steel industry is an important symbol of the comprehensive power of one country. In recent years, the domestic steel industry developed rapidly along with the global steel industry returns to warm,as well as the driving by our country's industrialization, urbanization and promotion of the inhabitants' consumption pattern. For futrue years predicted, steel industry in China will be continue to maintain developing well.However, the steel industry is the object to our country macroeconomic policy adjustment continuously. The over-fast growth in investment, surplus of output and the lower industrial concentration arouse the attentions from relative intrest entities. It's focus on the argument of how our steel industry will become in the future.Guided by modern financial management theory, modern statistical theory and method, compressive application some correlative theories and methods of science and statistics, econometrics,andmathematical statistics, incorporating the critieria analysis and the emprical analysis, this paper takes steel listed company as the research object, carrying on empirical analysis on capital structure influencing factors of listed company in our country on the basis of the modern theories of capital structure. In this way, it attempts to find the way to optimize the captial structur, to improve company's value, and to provid reference for the sustainable development of the steel listed company.Following the summary of the predecessors's researches and theories of captial structure, this paper has carried on the simple introduction to the characteristics of the steel industry firstly. The steel industry development in china is analized which inluded profession development course, the present situation, and the problems existed. Before the empirical research, this paper analyzed the present capital structure,source of the captital and reforming situationg in the stockholder's rights minute sets for the listed steel corporations.In the part of empirical research, this article researched the capital structure in our steel industry on the microcosmic level mainly through analyzing the influence factors which included company size, growth, profitability, non- debt tax shield, liquidity , equity structure and enterprise risk, and received the research conclusions: company size, growth, profitability, non- debt tax shield, liquidity and equity structure make remarkable influence on the capital structure in steel industry respectively. The the enterprise risk is not remarkably, and the collateral value of assets's influnce is inermediate which only accfects the rate of the total liabilities to assets but not the long term liabilities to assets. It carried out analysis to the findings with further explaination combined with the real situations and future tendency of our steel industry faced , and presented the internal relation between parameters variable respectively and the capital structure in steel industry. Then, how to optimize the captital structure of the listed companies in our country's steel industry from the view of the capital cost and the finance elastic, two aspects respectively, are anlyzed.At last, This paper discussed the way and countermeasures to optimize the capital structure of the listed companies in our country's steel industry on the basis of the analysis that have done. On the other hand, this paper proposed that developing vigourously the bond market of our country is necessary to optimizing the captial structure of the listed companies in our country's steel industry through analyzing the finance environment.