Study Of Influence Of The Financial Status Of Automobile Manufacturing Industry Listed Companies On Capital Structure

Capital structure has been one of three major themes of financial management.It involves each enterprise's link, such as capital raising, operation and profit assignment,etc. Capital structure is the main basis for reflecting enterprises'capital strength, measuring enterprises'financial risk and carrying out financing decision.At present, one of the most important reasons of most the state-owned enterprises'poor economic benefit is paying no attention to the strategic and scientific of capital structure decision, resulting in decision failure. So enterprises must seek ways to optimize the capital structure. Our automobile industry has formed fairly comprehensive product series and production distribution, and has become an important force to expand domestic demand and support future economic growth. Undoubtedly, the good or bad of enterprises'development in this industry has important effect to our general economic development. So the study on capital structure of automobile manufacturing industry listed companies has significance.This thesis started with the western capital structure theory, selected 32 sample firms in whole vehicle manufacturing industry, combining with the present situation of our automobile manufacturing industry listed companies, and analyzed the characteristics of our automobile manufacturing industry listed companies'debt financing and capital structure, using a large of statistic data. Then, it selected 16 representative indexes, evaluated financial status of automobile manufacturing industry listed companies by factor analysis, and calculated factor scores and financial status total score of sample firms. Finally, this thesis analyzed the relationship between each factor score and total score of financial status with capital structure, by constructing multiple linear regression models between each factor score of financial status with asset-liability ratio and long term loan-asset ratio. Till then it completed the influence study of financial status on capital structure of automobile manufacturing industry listed companies. The regression result showed that:(1) Capital structure was negative related to solvency, development ability decided by debt maturity, profitability and accounts receivable turnover, according with theoretical expectation;Capital structure was negative related to operation ability, which was not accorded with theoretical expectation. One of the reasons was the effect of financial crisis in 2008; Development ability was positive related to capital structure; the linear relationship between profitability and asset-liability ratio was not significant, but regression result was still positive, which was consistent with research hypothesis of agency cost theory. (2) Long term loan-asset ratio was positive related to solvency, and negative related to development ability decided by debt maturity, the linear relationship between long term loan-asset ratio and other factors was not significant.Finally, this thesis empirical surveyed the capital structure of automobile manufacturing industry listed companies, according to the result of factor analysis and regression analysis, divided evaluation region and risk rank, and analyzed comprehensively combined with capital structure. It held that proportion of short-term debt was too high and capital structure was unreasonable in automobile industry. On this basis, it proposed countermeasures and suggestions of capital structure optimization.