State Holding Listed Companies’Capital Structure Research Based On The Corporate Life Cycle

How to ensure the adequate development funds, as well as a reliable source of funding; which sources of funding enterprises to change or how to determine the proportion of various financing, these is the main task of the management of corporate financial strategy, and is the corporate financing decision-making focus, that is how to ensure low-cost financing, reduced financial risk. Generally speaking, corporate financial management and strategy formulation will be particularly concerned about their own capital structure, and that well decide to the level of corporate cost of capital because of the reasonable capital structure. Thus affecting the business to grow and market competitive position, no matter what companies also put their own capital structure on a very important strategic position.Enterprise as the body of life will show the different characteristics in the different stages of growing, such as business developing at different stages will demand for capital diverse, but the corporate capital profitability does not guarantee "self-sufficiency ", so shortfall funds only from outside the enterprise. Corporate surroundings are deciding one of the factors influencing capital structure, and capital structure is not consistent.Business growths to a different stage, in which the external competitive environment and the improvement of internal governance and organizational structure will become corporate finance decision-making factors. Capital structure have long been proposed and studied, but in these research indicator confusion and the results of different because of the different research perspective and diverse scholars.In addition, the study of the life cycle of most use competent judgment-based qualitative methods, one of the few scholars discuss combined corporate life cycle with the capital structure. This paper mainly uses state-controlled listed companies for the study and use empirical and analysis research methods to study the relationship between capital structure and life cycle analysis. Guiding the effective financing of the state-controlled listed companies at different stages improve its development capacity. Achieve the financial objectives of enterprises in order to maximize the value and better services to the development of the national economy.In this paper, writer use the state-controlled listed companies in order to explain the different capital structure of the corporate life cycle different stages.State-owned enterprises as the object of this paper is mainly based on the following three considerations:First, the nationalization process of the developing countries is gradually developed after World War II. Because our country as a developing country, state-owned enterprises in our economy plays an essential role in the development of our economic growth, state-owned enterprises "too big to fail" is a true portrayal of most of the lack of core competitiveness and enterprise risk control ability is relatively low. The developing model is a typical speed of economic enterprises; controlling of capital structure is relatively confusion and the gearing ratio has been high.Many of the problems encountered in the process of development of state-owned enterprises are closely related to the life cycle of the capital structure. The domestic most research of capital structure and life cycle contra pose to listed companies or listed companies in various industries (such as the electronics industry, manufacturing), but the lack of in-depth study on the capital structure of the life cycle of the state-owned enterprises. State-owned enterprises from the establishment to now there are many problems, the state-owned enterprise reform as an opportunity to in-depth study on the influencing factors of the capital structure of the different life cycle stages of state-owned enterprises, expect in the capital structure of the reform of state-owned enterprises reference value.Business growth to a different stage, in which the external competitive environment and the improvement of internal governance and organizational structure will become a corporate finance decision-making factors. Capital structure has long been proposed and studied, confusing indicator of their research, the research perspective, the results of different scholars and different, but mostly used in the study of the life cycle is competent to judge the main qualitative methods, capital structure with the capital structure combined with scholars of the few, Therefore the main state-controlled listed companies as research object, using a combination of empirical and analysis methods to study the capital structure and life cycle the relationship between the analysis of state-controlled listed companies in different stages of life cycle capital structure to guide the state-owned enterprises at different stages of effective financing, to enhance its development capability, to achieve the financial goals set by maximization of enterprise value, better service to the National economic development.