Research Of YH Communications, Inc. Financing Program Based On The Optimization Of Capital Structure

Since the international financial crisis, the problem of inflation in China continued. The consumer price index rising. In the face of economic overheating situation, The Chinese government repeatedly raised bank deposit reserve ratio and deposit and loan interest rate, reduce the money supply to restrain domestic overheating investment behavior since2010, in order to realize the economic "soft landing". In the macroeconomic environment effecting, enterprises indirect financing is difficult, due to a shortage of funds and bankruptcy situation appears. Domestic small and medium-sized high-tech enterprises are facing problems is how to give full play to its own technology, technology, industry dominant position, reasonable design of financing plan, solve the problem of shortage of funds, right through and maximize the benefit of enterprise.This article in the analysis of the capital structure theory, with YH Communication Company Limited (hereinafter referred to as" YH company") as the research object, by reference to various types of literature, comprehensive analysis of the existing situation of financing and capital structure capital structure problem, through the use of case analysis and actual investigation method and other effective methods, show that YH company capital unreasonable structure caused by operating income and reduce agency cost, financial crisis and the bankrupt risk high. Because YH company relies on indirect financing through banks, in the face of macroscopical policy tightening situation, financial cost increased, so leads to the unreasonable structure of capital。This article systematically analyzes the problems and risks of the YH company capital structure, and points out three main reasons:①because the industry needs to advance to customers of huge amounts of money, YH company was forced to borrow heavily;②he company as" asset light" features without physical asset mortgage, YH company’s financial cost by means of external guarantee institutions continue to rise;③lack of patency of the equity financing channel, YH company had to rely on indirect banking finance. Through summing up the causes of the problems, the author unifies the domestic and foreign advanced capital structure and operation theory and successful case of financing for the enterprise, constructed a complete set of financing plan, implementation of the YH company’s existing capital structure optimization. The scheme that YH company should actively to seek listing on the GEM companies IPO financing, through capital market financing road, short-term inside the introduction of risk capital, strive for policy financing, strengthening internal financing, debt financing using liquid assets combination of financing plan, in order to reduce the current financial crisis and the risk of bankruptcy. The scheme for small and medium-sized high-tech enterprises especially is in high speed to increase level of enterprises in the optimization of capital structure and financing to provide effective reference.