| Company to improve its value for the company financing,to adjust corporate capital structure is an important means to improve the value of the company.According to the operation of listed companies to find the optimal capital structure of listed companies to optimize is an important part of the listed company financial problems,management problems.Manufacturing industry as an important part of the second largest industry in China,is an important component of China's listed companies,the development of manufacturing industry of a region,the country's economic development plays an important role.So,choose the capital structure of listed companies of manufacturing,in order to achieve the industry's highest production efficiency,maximize the value of the company is the important direction of enterprises and scholars to study.In manufacturing listed companies as the research object,by using the DEA model based on the rationality of the agency cost of listed company assets structure measure and calculate,for manufacturing enterprise assets structure optimization,reasonable full use of the company's agent costs provide important guidance.Content of this paper is divided into five chapters: the first part introduces the research background and research significance,combed the related literature review,and introduced the thesis research ideas and papers of the innovation and deficiencies;The second chapter,based on the agency cost of the capital structure optimization theory,including the definition of related concepts and corporate capital structure and the correlation of agency costs;The third chapter introduces the manufacturing analysis of characteristics of the capital structure of listed companies,including sample selection and thesis research overview of manufacturing industry listed company asset structure;The fourth chapter,the article firstly the DEA model was introduced and related index of the model are introduced,and the production efficiency of manufacturing listed companies of our country,analyzes the company's capital structure and the relationship between agency cost and industry production efficiency;Fifth chapter make a summary and the summary above,on the basis of empirical analysis,according to the low efficiency of manufacturing industry listed companies in our country put forward the condition of the Suggestions about capitalstructure and agency cost management.Based on the agency costs of manufacturing the capital structure of listed companies is studied mainly got the following conclusions:(1)when manufacturing the asset-liability ratio of listed companies compared with the national average asset-liability ratio of listed companies is low,liquidity liabilities is higher than the national average.Agency costs of different niche business,there is a big gap with the industry with high efficiency,management fee and the proportion of sales rate are also different,manufacturing listed companies management rate and selling rate within10%.(2)manufacturing industry segment such as organization structure,operation conditions and main business has the very big difference,so can't subdivision of 26 manufacturing industry asset structure optimization of unified conclusions.26(3)manufacturing industry segment in 12 of the production to achieve the best efficiency of the industry,there are seven industry production efficiency between 1 to 0.7,the rest of the seven industry belongs to the lower efficiency of industries,these industries in total assets,total liabilities,debt,illiquid debt,liquidity management cost and selling cost the seven indicators have varying degrees of redundancy,insufficient utilization rate of debt and agency cost.Seven(4)the low efficiency in the industry has six industry sales rate lower than the management fee,but the DEA model operation result shows that the seven can pay for the low efficiency of enterprise sales is redundant,utilization rate of agency cost. |
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