Research On Capital Structure Of Listed Companies In China

Company capital structure is the impact of corporate governance structure of the main causes of optimal capital structure refers to how companies with interests in heavily indebted to find a balance between cost, Optimal capital structure choice is the risk and reward balance in the company, on the basis of efforts to improve the company's value, while minimizing the use of capital costs and opportunity costs, lower capital costs and operating capital for the optimization process. My optimize capital structure of listed companies is to adopt dynamic adjustments to improve the efficiency of governance, increased shareholder wealth.The company capital structure by reviewing theory, and explored the capital structure, corporate governance structure and operating performance of mutual relations analyzed some of the features listed company capital structure, Found that the structure must be adjusted to optimize the structure can enhance efficiency. But in our specific market environment, we must first resolve structural factors, to optimize the capital structure of effective decision-making can eventually achieve perfect market so that the healthy development of listed companies and small and medium-sized investors to be given adequate attention and protection.The article is divided into four parts with the basic structure: Chapter I of capital structure for a brief summary of relevant concepts, including capital costs, capital structure and corporate values, to be launched on the basis of an Exposition.Chapter II of the capital structure theory literature review summarized, including the latest developments in the capital structure theory, and provides a brief summary of the capital structure of the factors, the analysis provided for optimal capital structure theory.Chapter III of empirical analysis and conclusions, the first demonstration optimal capital structure of listed companies is the presence in our country, in our second analysis of the relative immature market environment and inadequate legal conditions, the choice of capital structure or financing portfolio adjustment can not fundamentally change the structure of the irrational and inefficient governance, Thus, on a realistic analysis of data and evidence to support the capital structure adjustments to the priority system reform ideas.First four chapters of our listed companies realistic data analysis of the status of a listed company capital structure and the existing problems, and then strengthen supervision and promote the rule of law from two specific improvement measures, the last of China's listed companies raised equity restructuring strategy. Value of state-owned shares must be restructured in order to avoid the loss of state-owned property; At the same time, independent directors to maintain the independence of the concrete work has been largely restricted, the need to strengthen the independence of the system to ensure that independent directors can truly achieve the long-term interests of the protection of small investors.