Research On Capital Structure Of YX Company

With the development of new energy and the introduction of preferential policies for the automobile industry in the country,China’s automobile industry has ushered in new challenges and opportunities.In the 21 st century,the automobile industry has become an important supporting industry of China’s economic development,which has a great impact on the development of China’s economy and the improvement of living standards,and other industries related to the automotive industry are also developing rapidly.At present,China’s passenger car industry,especially the new energy passenger car industry ranks in the world’s leading position,manifested as the leading scale advantage(the world’s largest sales)and low-cost value-for-money labor advantage.Since the concept of capital structure has been put forward,it has been paid much attention by many company managers,and a reasonable capital structure can provide a guarantee for the good operation of enterprises.However,at present,many companies in the automotive industry have bad capital structure situation,coupled with the increasingly fierce competition in the industry,so that the company is in a higher operating risk.This paper selects YX Bus Co.,Ltd.as the research object,based on the research theory of capital structure at home and abroad,using case study method,comparative analysis method and analytic hierarchy process to study the capital structure of YX company.Firstly,the paper collates the concepts and theories related to capital structure,and combs the relevant literatures at home and abroad.Secondly,to YX Company’s 2009-2018 financial data,analysis and summary of the company’s current operating conditions,financial situation and so on.In order to deeply analyze the current situation of YX company’s capital structure,use its 2009-2018 years of financial data for vertical comparison,at the same time with the industry average level and industry-leading five enterprises for horizontal comparative analysis.Through the specific data and ratio analysis,this paper holds that there are several problems in the capital structure of YX Company: High asset-liability ratio,unreasonable debt structure and unreasonable ownership structure.Finally,this paper analyzes the proportion of internal and external influencing factors of capital structure by analytic hierarchy process,and determines the most capital structure range of static and dynamic.Measures to improve the capital structure are put forward: including broadening the financing channel,improving the debt structure,optimizing the ownership structure,improving the profit level and strengthening the recovery efficiency of accounts receivable,etc.,and finally realize the goal of maximizing the company’s value and shareholders ’ equity.