Optimism Of Capital Structure Of National Listed Chained Retail Company

The market of retail industry was opened completely in 2005. With foreign enterprises coming in and nation companies competing for, the listed chained retail companies, which are the main part of retail industry, face challenges as while as opportunities. It is one of important problems in financial management that how to set up a good capital strategy in order to provide safe and beneficial fund for companies.The key of capital management is the choice of capital structure. What's the best capital structure for the listed chained retail companies? Have these companies reached the best structure? What do have effect on the choice of capital structure? How to realize the best capital structure? We will study the problems in this paper.The first chapter of the paper is an introduction of literature. The theories provide us a basis for our study. Next, we analyzed the present situation of these listed companies from financial point of views, and found the capital structure of these companies deviated from the best structure. The third chapter, the company has the best capital structure if it reaches the maximum value. According to present situation, we calculate that the best level is 45.07%. Then, we analyzed the determinant of the capital structure of the listed chained retail companies by quantitative analysis, and tried to look for the causes from inside and outside of companies in order to help them reaching the best structure.We thought that the government should set up a series of reasonable economy strategy to make sure the smooth developed of economy and the maturity of stock market. The bank should make the loan system sound because of loan safety and fund distribution. The listed chained retail companies should raise the ability of gaining fund and management. They should select the right capital form according to the need of business.