Research On Capital Structure Optimization Of China’s New Energy Listed Companies

Under the background of global warming and the worldwide trend of the development of low-carbon economy, the research on capital structure optimization of China’s new energy listed companies is very important. This paper choose38new energy companies in the Shanghai and Shenzhen Stock Exchange for four consecutive years of panel data to analyze the capital structure optimization of China’s new energy listed companies.MM’s second law, Static trade-off theory, Agency cost theory, these three theories support the objective existence of optimal capital structure and they are the theoretical basis of this paper. In the empirical analysis, this paper first uses stepwise regression method to discuss the relationship between capital structure and corporate performance of China’s new energy listed companies. It concludes that asset-liability ratio and return on assets have an inverted U-shaped parabolic relationship and it proves the objective existence of optimal capital structure. This explains that why China’s new energy listed companies should optimize the capital structure. Then this paper uses factor analysis to analyze influencing factors on capital structure of China’s new energy listed companies. The results show that asset specificity, asset liquidity, firm size, state-controlled, profitability, ownership concentration, asset management and other factors have a great impact on the company’s capital structure. This explains that China’s new energy listed companies how to optimize the capital structure.China’s new energy listed companies should optimize the capital structure in the lowest cost of capital, the minimum financial risk and ensure flexibility and coordination of capital to maximize corporate performance. In the optimization process, companies should follow the steps that select the appropriate financing, establish mechanisms for optimizing capital structure and choose reasonable adjustment method to seek optimization and equilibrium of the capital structure. In the specific operational procedures of optimizing the capital structure, companies should consider different factors and take targeted optimization measures to seek optimal paths to optimize the capital structure, such as, in the optimization of financing, focusing on enterprise scale, emphasis on corporate earnings, reasonable arrangements for asset structure, improving ownership structure and so on.