Research On The Optimization Of Capital Structure Of The Listed Company

The optimization of the capital structure of listed company is a very important thing to the company all over the world. Many researchers have paid high attention to that. The paper, first, gives out the review on the researches in the field related to the capital structure, then, points out the conditions of capital structure of China's listed companies, including characteristics of companies'capital sources, ration among capital and debt, stock right structure, and industrial distribution of capital. Third, the paper deeply analyses the main causes of the capital structure of China's listed companies. Basing on above discussion, the paper points out the effects stemming from capital structure, which includes three effects : effect on capital use, incentive effect on investor, effect on governing structure. Final, the paper proposes some suggestion that is deepening reform of stock right, improving the fluidity of stock market, strengthening the company governance, developing the bond market and enhancing the supervision on company and fostering institutional investors, et al..