A Study On The Capital Structure Of Listed Companies In Heilongjiang Province

The main goal of enterprise management is to maximize benefits, which is the core of implementation of business operation. Many external and internal factors will have influence on benefit maximization. In term of capital structure, this article takes listed companies in Heilongjiang province as objects of theoretical and practical study to make suggestions on optimal allocation of listed companies’ capital structure and to achieve the goal of listed companies’ benefit maximization.The difference in capital structure of inner-enterprise will differ results and it is impossible to fulfill minimum of capital cost and maximum of return on equity at the same time. Therefore, how to balance between capital cost and return on equity is obviously important. Relevant theories in other countries began early with high starting point and developed rapidly. Now they are relatively completed. However, some defects still exist in researching capital structure in our country. Because of Heilongjiang province being a significant old industrial based in northeastern China and being in economically underdeveloped areas, doing researches on listed companies’ capital structure in Heilongjiang province counts for developing old industrial bases in northeast and improving the economy of Heilongjiang province.Based on domestic and international experts’ relevant researches and theories such as the inchoate Net Income Approach, the Net Operating Income Approach, the Traditional Theory, MM Theory in new Capital Structure Theory, Miller Model, Trade off Model Theory, Agency Cost Theory, Signaling Models and so on, this article profoundly analyses 25 listed companies in Heilongjiang province by using asset-liability ratio, long-term liability rate and equity to asset ratio and expounds the significance behind these data and the situation and problems of listed companies’ capital structure. At last, the article makes a summary of the previous parts and suggestions on optimizing listed companies’ capital in Heilongjiang province from the perspectives of macro factors and inner-enterprise factors.