| Since the1960s classic MM theory, the study of the company’s capital structure theory gradually attracted the attention of scholars at home and abroad, and up to now has many outstanding research. The capital structure theory research of China appears after the Reform and Opening Up, along with the influx of Western market economy thinking, as well as China’s economic remarkable achievements, how to maximize the value of the company from the perspective of enterprise funding and financing become the initially motivation of the research. However, as an emerging market economy countries, due to different national conditions, so that the Western theory of capital structure is not absolutely applicable in our country, therefore, The exploration of the theory and practice of the capital structure of listed companies in China has gradually become the focus of domestic scholars in recent years. By combing existing research results, to reflect the essence and meaning of the theory of capital structure, the article selecting some representative indicators from the two components of the capital structure, and thus convenient for putting up with optimization suggestions from the point of composition of the capital structure.Considering the country’s current economic situation and the Serious challenges of the resources and energy issues, this article select the new energy industry in China as the study sample of the researching on capital structure. As one of the national strategic emerging industries, China’s new energy industry has become the main measures and effective means for countries to solve the energy crisis, transform the economic growth mode, ease the pressure on the environment, thus the capital structure research based on new energy listed companies not only further enrich the existing capital structure research, but also provide useful lessons for promoting the develop of new energy listed companies and the operation of low-carbon economy. In addition, China’s new energy industry has been developing rapidly and further appears the advantages of the industrial scale, technical strength and industrial clusters. However, the industry still faced with the high cost of development and utilization, the slowly process of market-oriented, the weak R&D innovation capability and the contradictions between the overall production capacity and production overcapacity in some fields. Especially the solar photovoltaic industry has been suffer a series of foreign anti-monopoly investigation, resulting in the foreign market is severely reduced and further frustrate the industrial development. Thus, the capital structure research of listed companies of the new energy will provide the actual reference value for enhancing the company’s profitability, realizing the objective of maximizing the value of the company and optimization the capital structure of the listed companies of the new energy.According to the research ideas, Firstly, this article overall review and analyze the domestic and foreign capital structure theory, as well as the research of new energy industry, and put forward the theoretical basis on the basis of the definition to enrich the theoretical basis of this research. Secondly, By reviewing research results, this paper contracture the appropriate capital structure connotations index, which reflected the essence of listed companies of the new energy, and sort out the hypotheses of this article. Finally, through the correlation analysis of the initially data and the empirical process, the analyzed and verified results show that:the profitability and the liquidity of the new energy listed companies negatively related to capital structure; ownership structure, the ability to grow and the company size positively related to capital structure. And then put forward policy recommendations to optimization the capital structure by strengthening the equity share, improving operational efficiency, and encouraging the participation of institutional investors. |
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