The Research About The Relation Of The Capital Structure Enterprise-market Competition And Regional Economic Development

Research on capital structure in the field of financial research has always been a hottopic, also in the theory of corporate finance is the most central content, because of itstheoretical value, and in reality is very significant.MM theory (Modigliani Miller, Models,Miller-Modigliani model) was proposed in1958, after a long period of development havebeen divided for many factions, especially the field of theoretical and empirical study thecapital structure choice where is fruitful. Environment of rapid economic development inthe world, the various disciplines learn from each other and learn from each othercross-study also burst on the scene Feng Mang, capital structure theory into the economiccategory research has made considerable progress.Reasonable capital structure decisions ofthe shareholders, creditors, managers and other stakeholders on the allocation of control ofthe company, and also to some extent determines the interests of the company is able tosuccessfully achieve the desired goal, therefore, reasonable capital structure in a very reflectthe ability of the business to maximize the benefits to the stakeholders were divided into alarge sense, from the side at the same time, the good momentum of the enterprises and thedevelopment of a region to a great extent to promote regional economic development,capital structure optimization of indirect related to regional economic development (thispaper will conduct a detailed study and demonstration). In China, the regional economicdevelopment is extremely uneven, and at the same time the differences of different parts ofthe level of economic development also has a great impact on corporate financecapabilities.Therefore, the capital structure on product market competition in China, therebyaffecting the level of regional economic development made a more detailed analysis andargumentation. This article is dedicated to the empirical analysis, through a comparativeanalysis of financial data of the two eastern and western regions listed manufacturingcompanies over the years, to find out the regional level of economic development, therelationship between product market competition and corporate capital structure, andproposed how ways to optimize the capital structure, and ultimately make somecontribution to improve the regional economic development. The structure of this paper isorganized as follows:In this paper a total of five chapters: the first chapter on the background of thesis, the significance of this study the structural arrangement of the main content and paper andresearch methods; the second chapter of the concept definition and literature review, thechapter first article related to the concept of a brief definition of the relevant literature fromboth domestic and international review, a brief description of the main representative ofrelated fields and related research for relevant research to explore the theoretical bedding.Chapter III of the theoretical analysis and assumptions, mainly divided into two parts in thischapter: First, a brief introduction to the capital structure characteristics of listedmanufacturing companies in China, and our capital structure, what are the aspects of theproblem by data obtained; from regional differences in perspective, China’s eastern andwestern regions, a comparative analysis of capital structure and composition of the mainelements of obtained differences in capital structure on the east and west, in comparing thetwo regions on the level of economic development, economic development, financial Thedevelopment of a comparative study. Finally, the analysis of the relevant theory, and theassumptions of this study. Chapter IV, capital structure, the empirical research design andanalysis of product market competition and the regional economic development, thischapter first describes the data sources and data selection principle, the choice of eachvariable; then use Excel to collect and collate data use SPSS17.0descriptive statistics, datacollected by the KS test, the Mann-Whitney test to conduct a longitudinal significant test ofthe proxy indicators of regional economic development by factor analysis, the finalcorrelation analysis the results, analyze the results.Chapter5,conclusions andrecommendations.