Research On Capital Structure Optimization Of China State Construction

As China’s economy enters the "new normal",the structural differentiation of China’s economy is becoming more and more obvious,and corporate debt levels are also caught in structural contradictions.At the same time,with the expansion of the scale of enterprises and the increasing demand for funds,the selection of a scientific and rational capital structure plays an important role in the healthy and sustainable development of enterprises.State-owned enterprises in China’s construction industry generally have high debts.In this critical period of economic restructuring and transformation,how to optimize the capital structure of Chinese enterprises in China’s construction industry is particularly important.China State Construction has four main businesses: housing construction,infrastructure construction,real estate development and survey and design.These four businesses have huge financing needs,large capital requirements,and high demand for financing channels.At present,the downward pressure on the economy is relatively large.As a leading enterprise in China’s construction industry,how should we further optimize the capital structure of enterprises,resist risks,and seek to maximize the value of enterprises?In order to further analyze the problem,seek solutions,summarize the latest theoretical research results under the premise of reading relevant literature,and based on the theory of capital structure,first analyze the financing mode and capital structure of China State Construction and discover the capital of China State Construction.The structure has problems of excessive debt scale,unreasonable debt maturity structure and imperfect shareholding structure.Then the static optimization design of the capital structure of China State Construction is carried out.Without considering the internal and external factors,the quantitative analysis method is adopted and the optimal capital structure model is used to calculate the current optimal asset-liability ratio of China State Construction is 67.04%.The current actual asset-liability ratio of China State Construction is 77.97%,which deviates from the optimal asset-liability ratio by 10.93%,Then,the dynamic optimization design of the capital structure of China State Construction is carried out.Taking into account the influence of internal and external factors,the entropy weight method is used to measure the impact weights of various influencing factors for qualitative analysis.Finally,the optimal asset-liability ratio of China State Construction is determined.(61.78%,67.04%).Then proposed the specific plans for the capital structure optimization of China State Construction: expand financing channels and rationally control the scale of debt;improve solvency and optimize corporate debt structure;enhance profitability and increase internal financing ratio;promote the mixed reform of enterprises and improve the proportion of equity structure.Finally,in order to ensure the smooth implementation of the capital structure optimization plan of China State Construction,this paper lists three safeguard measures: establish a dynamic optimization mechanism;strengthen the internal accumulation mechanism;implement an equity incentive mechanism.The determination of the optimal capital structure interval of China State Construction and the specific optimization plan of capital structure and the proposal of safeguard measures provide a certain reference for the optimization of capital structure of other enterprises in China’s construction industry.