Inner Mongolia, The Listed Company's Capital Structure Analysis And Optimization Of Ways

The capital structure theory of the company has become the hot question of the security market since 1958. MM theorem is pointed out, under having such conditions as transaction cost, burden of taxation, information asymmetry, etc., the capital structure of the company has nothing to do with the market value of the company. From the sixties of the 20th century to the 1990s, numerous scholars expanded MM theorem further forward in theory. These research results indicate, in the real world, the market value of the company is closely related with the capital structure of the company.This text utilizes the financial data from 2001 to 2003 of listed company of security maiket of China mainly, have probed into the decisive factor of the capital structure of listed company of the Inner Mongol in terms of real example. First of all, have carried on statistical analysis to the capital structure of the listed company, the analysis results indicate, there are the following characteristics in the capital structure: The asset-liability ratio level is on the low side; The structure in debt is unreasonable, the level of the current liability is on the high side, the long-term debt is single in fund-raising; The capital source structure is unreasonable, have a partiality for the circulating stock financing of issue etc..On this basis, utilize capital structure theory analysis to capital reason of the Inner Mongol of listed company, the result shows, strong influence of the external environmental factor, the stock right structure causes serious inside people to control unreasonably, structure of stock right causes the non-negotiable stock shareholder to have a partiality for stock financing, the market system of the capital is imperfect that the development of capital market lags behind, etc., So the last part of this text, has analyzed on the optimization of the capital structure of listed company, point out the optimization of the capital structure of listed company of the Inner Mongol should be set about from three respects at present: (l)The optimization of the structure in debt of optimization (2 ) of the asset-liability ratio, (3) optimization of the stock right structure. Through to three optimization of respect these can make capital structure development more favorable to company, the Inner Mongol of listed company.