Comparative Study On The Listing Corporation Of GEM And Main Board Market Of Optimal Capital Structure

Based on an assumption that capital structure can’t change the total cash flows,MM model as a theory of modern capital structure gives a conclusion that capitalstructure is irrelevant to enterprise value. The subsequent development of MM modelis conditional upon relaxing the assumption, including trade-off theory, agency costtheory, signal transduction theory, pecking order theory, company control theory andso on, of which the core idea of the first two is making capital structure fall into thecategory of cash flow, and the last three don’t belong to the theory of optimal capitalstructure determination theory in the strict sense. From the existing literature forresearch, there are very few documents involving studies on optimal capital structurefrom the point of the inherent relationship between operational risk and financialrisks.In this paper, first, make a theoretical analysis on the relationship betweenoperational risk and optimal capital structure and draw a conclusion that they arenegatively correlated. Second, use theories of price and government intervention toanalyze the conclusion and construct a theoretical model of optimal capital structureprediction. Third, based on the above, design a research hypothesis.In this paper,then,the first-order lag dynamic adjustment model is taken as anempirical model, in which data of non-financial companies of growth enterprisemarket and main board market of Shenzhen Stock Exchange is used as sample data,company size, long-term tangible asset portion, the ability to get cash and growth ascharacteristic variables of enterprise risk affecting optimal capital structure, GDP percapita as a variable of macro risk affecting optimal capital structure, and return on netbusiness assets and deposit-reserve ratio as variables of macro control. The empiricalresult is basically consistent with the hypothesis that operational risk and capitalstructure are negatively correlated. Accordingly, the results are used to calculate theoptimal capital structure of growth enterprise market and main board market. Thecalculation result shows that the optimal capital structure of growth enterprise marketis significantly lower than that of main board market and in line with thecharacteristics of the risk of the two markets, which further confirms that operationalrisk and optimal capital structure are negatively correlated, that is, the higher risk anenterprise has, the lower debt ratio it is supposed to have. Therefore, equity financing should be more used in high-risk industries.Lastly, based on the above conclusions, a preliminary exploration is made on theproblem of financing of growth enterprise market. High-tech enterprises are inhigh-risk industries, and growth enterprise market is a financing channel for high-techenterprises, so it is necessary to moderately lower the threshold for GEM so as tosolve the problem of financing for more high-tech enterprises.