Highway Industry Listed Company Capital Structure Optimization Research In China

Since1958, Modigliani and Miller put forward the famous MM theorem about capital structure, enterprise capital structure theory research gradually become an important research subject in the field of the economy and finance. However, though so far academia has sprung up a batch of capital structure theory research achievements, for capital structure and the enterprise value relations, enterprise whether there is optimal capital structure problems still has no unified conclusion, and because the theory mostly based on quite a number of assumptions, no contact of the practice of a profession, so the ability in operation level guidance of capital structure theory for enterprise capital structure adjustment is limited. The highway industry is the strategic industry in China, it’s paly an importment role in realize full employment, region economy coordinated development, improvement of people’s living standard, national security etc. Therefore, based on the highway industry of China’s listed companies of the capital structure optimization research, have a lot of practical meaning and theoretical value.This study aimed to explore our country highway industry listed company whether there is the optimal capital structure, If present, how much is the values or interval of the optimal capital structure, how should thehighway industry listed company to reach the optimal capital structure. In order to solve this problem, the main research method of this article is more and reference the basis of previous research, construct the model for problem solving, then through the use historical data to estimate and inspection the model, include using descriptive statistical analysis,variance analysis, correlation analysis, multiple regression analysis and secondary curve characteristics analysis data analysis method, The last hope from the perspective of positivism, provide valuable operational suggestions for the highway enterprise optimize capital structure to improve the enterprise valueThis study selected16highway listed company in Shanghai-Shenzhen stock market as the sample, and collect480group of financial data in2005-2010, in reference to the capital structure and its optimization theory has premise, Combined with influence of highway listed company of enterprise value and the capital structure in the macro policies and the enterprise itself factors, construct out two groups of solution model of optimal capital structure for highway listed companies, through the generation into the sample data, to estimation and hypothesis testing the multiple regression model respectively and quadratic regression model, finally through empirical analysis get this paper’s conclusion:Highway listed company with enterprise value existing opening up conic relationship, The highway listed company has best capital structure, through the regression calculation by generations into16companies listed on the six years of the480group of financial data to the model,we can know the current when the asset ratio is35.92%of the highway listed company, the value of the company will maximization.