Research On The Influence Of Financing Structure On Value Of The Automobile Manufacturing Industry

Corporate finance structure has important relationship with the enterprise value,and it will affect the corporate governance structure and the stability of the capital market.Nowadays,capital operation has gradually become the core of enterprise rather than rather than the traditional production.As a listed company,improve financing behavior has become a top priority.At present,the research on corporate financing structure and enterprise value is mainly concentrated in the listed companies,and it is lack of attention to the individual industry.As a large manufacturing country,the number of listed companies in China's manufacturing industry accounted for nearly half which research has a great value.In order to eliminate the adverse effects of the main business differences,this paper takes the automobile manufacturing listed companies as the research object,analyzes the present financing structure and further examines the relationship between the financing structure and the enterprise value.On the basis of reviewing relevant literatures at home and abroad,the paper first defines the concept of financing structure and enterprise value,and expounds the relevant theoretical basis and clarifies the research perspective.Then,the paper built the research framework on the basis of summarizing previous experience and theoretical analysis.After fully analyzing the financing structure and the enterprise value of the listed companies in China's automobile manufacturing industry,the paper puts forward the pertinent hypothesis and establishes the regression model.Then,based on the empirical data of China's automobile manufacturing companies from 2009 to 2016,this paper explores the relationship between financing structure and enterprise value of listed companies in automobile manufacturing industry from aspects of debt financing and equity financing.This paper takes the asset liability ratio,current liabilities ratio,the proportion of the first largest shareholder and the proportion of top five shareholders,shareholding ratio,the proportion of state-owned shares,net assets income rate as the index of enterprise value.This paper makes an empirical test of the hypothesis using descriptive statistical analysis,correlation analysis,regression analysis and other methods.The results show that China's automobile manufacturing industry listed companies contradict the preference of equity financing of pecking order theory.Asset-liability ratio is positively proportional to enterprise value.Current liabilities are inversely proportional to enterprise value.The ownership concentration is directly proportional to the value of the enterprise.High concentration of ownership is conducive to the promotion of enterprise value.The proportion of state ownership is inversely proportional to the value of the enterprise and The proportion of corporate shares and enterprise value is proportional.At the end,this paper finds out the financing problems of listed companies in China's automobile manufacturing industry,and puts forward some practical and feasible policy suggestions based on the theoretical analysis and empirical study of the relationship between the financing structure and the value of the listed companies in China's automobile manufacturing industry.