Listed Companies In Northwest China Research And Optimization Of Capital Structure

The general view that enterprises of various sources of capital to raise the proportion of the composition and structure of relations known as the capital.Financial management theory and practice has proved that a reasonable capital structure is conducive to the healthy development of enterprises, and capital structure unreasonable financial crisis could lead to business. Northwest China (Shaanxi province,Gansu province,Ningxia province,Qinghai province,Newland province) over China's economic development in backward areas, to study the region's business capital structure is of special significance, and listed companies as the business elite, and its capital structure research it is representative. In this paper, the Northwest Territories to select 90 listed companies (excluding ST and * ST companies) in the 30 study samples in 2003 - 2007 This 5-year annual report as a public research data, from the company's financing options as a starting point, of the northwest of the capital structure of listed companies to carry out an empirical study.The full text is always centered in the capital structure, empirical studies carried out. The full text is divided into three parts, the first part for the first chapter, Chapter 1 introduced the study of the meaning of this article and research ideas; Chapter 2 to lay the theoretical basis for this paper, an overview of the country, both inside and outside the capital structure theory that is related to literature Summary. Chapter 4, in theory, that the north-west of the enterprise value of listed companies by the impact of capital structure, the article to return and net asset value of Tobin's Q as dependent variables two indicators, through linear and nonlinear statistical model analysis, Northwest Region found the optimal capital structure of listed companies exist in theory, and this standard to determine the current high rate of assets and liabilities, the need for optimization. Chapter 5, through factor analysis to identify the impact of the capital structure of the influencing factors, the test results obtained: the north-west region the size of listed companies and capital structure is clearly related to, and profitability, the ratio of state-owned shares, non-liability and capital tax shield structure is manifested as a weak negative correlation.Chapter 6 for the third part of the second part of the empirical basis of the results of the analysis put forward the north-west of listed companies to optimize the capital structure. External measures: accelerating the healthy development of capital markets; to improve the bankruptcy system; a stable shareholding structure to promote reform; the establishment of the Northwest region of the need for regional capital markets, such as. Internal measures: to highlight the main industry, and increase profitability; take full advantage of the new accounting policy.