Empirical Analysis On Influencing Factors Of Capital Structure Of Listed Iron And Steel Industry Companies

Since the appearance of the MM theory, the capital structure of enterprises theory has been the focus of attention among scholars in the field of economics. According to the modern capital structure theory, the choice of capital structure influences corporate capital efficiency which will ultimately affect the value of the enterprise. The capital structure of enterprises refers to the composition and proportion relationship among various sources of financing in a long time. It reflects the rights and obligations of enterprise stakeholders, influences and determines the structure of corporate governance which in turn will affect or determine the characteristics of company act and the value of the company. The listed companies are the essence of business in China. The change the capital structure of listed companies demonstrates the direction of development of its capital structure, which will set a good example to non-listed companies who aim to optimize their capital structure. The research of the characteristics and optimization of the listed companies'capital structure in Iron and steel industry market research is of great practical significance. The characteristics of listed companies'capital structure in iron and steel industry, how to exert the governance effect of capital structure and whether it will have an impact on corporate performance have gradually become a concern among people. The article examines the widespread enterprises performance indicator and evaluation methods and adopts the way of combing individual indicators rank and the comprehensive performance evaluation scores which aims to make a more objective and comprehensive evaluation. This system is used to evaluate the listed companies in the iron and steel industry in this article. This article can be summarized as follows:The first part is the introduction part, including the purpose of research, the research background at home and abroad, the concept of capital structure, the framework and content of the study as well as the research methods. The capital structure defined in this paper not only refers to the proportion between debt capital and equity capital ratio, but also refers to the proportion among the parts of debt capital and equity capital.The second part is the literature review of capital structure theory. It introduces the theory of capital structure in western countries, reviews the empirical research of factors in capital structure at home and abroad, which paves the way for the following study.The third part is the literature review of capital structure theory. It introduces theory of capital structure in western countries, reviews empirical research of factors in capital structure at home and abroad, which paves the way for the following study.The fourth part is current status of the capital structure of listed companies in China and its influencing factors.The fourth part is the empirical analysis of the listed companies'capital structure. it conducts the steel industry for listed companies.The fifth part is recommendations, outlook. It makes recommendations on how to optimize the capital structure of listed companies from empirical analysis above.