The Study Of XT Company Capital Structure Optimization Under The Guidance Of Enterprise Value

The ultimate goal of the company's financing is to improve the enterprise value, and the classic idea to improve enterprise value is adjusting capital structure. With the continuous development of market economy and more and more perfect capital market, our companies will be faced with such a change in the future development, that is, to actively arrange a reasonable capital structure by combining their long-term strategic plan and the goal of maximize the company's value instead of the passively capital structure formed in the condition of their financing environment and conditions. Therefore, the study of adjust the capital structure according to enterprise value creation principle is much necessary.This article choose XT company as research object and studied the optimization of capital structure under the guidance of the enterprise value theory and capital structure theory by using the method of case study and the questionnaire method.Firstly this article introduced the research background, research significance, research methods and the application value. Secondly introduced the two basic theory of this paper: capital structure theory and the theory of company's value. Thirdly analyzed the present situation of capital structure, discovered that the company debt financing and internal financing are increasing, equity financing is relatively lower, the main reasons are the lower cost of debt and internal financing and many guarantee mortgage assets as well as the good profit ability. Fourthly analyzed ROIC is higher than WACC and it make the enterprise value of XT increase, analyzed the capital structure of the industry is positively related with enterprise value at present, analyzed the four main issues on capital structure in the company's value include irrational debt maturity structure, the lack of financial flexibility, higher cost of debt capital, large separation of ownership and control. And individually analyzed its causes include excessive long-term debt, rapid liabilities growth, rising debt interest rates, irrational holding structure. Finally provided ideas for setting the optimal capital structure and put forward specific solutions include reducing the proportion of long-term debt, increasing the remaining debt capacity, reducing debt average interest and improving the holding structure.