The Study On The Capital Structure And Optimizing Of The North China Pharmaceutical

The theory of capital structure is an important part of financial management.In recent years,financial collopse caused by the capital chain rupture has happened in various companies of different profession in China,Whether fund raising cost is too high or debt burden is too big,or raise fund without a measure of the relationship between the costs and benefits,makes the company operates at a loss,and so on,these issues can fully show the capital structure have significant influence upon its survival and development.Medicine manufacturing industry is an crucial component of our national economics,Biological medicine manufacturing industry in china is in a high-speed development period,the industry has keep a growth rate of 20% in the last 10 years,compared with other profession,The features of biological medicine industry is the high input,high-tec,high stake,high return,high barriers,and have long period.The essay combine the physical truth of China's stock market and the pre-existing research achievement,on basis of the analysis of the related theories of the capital structure,NCPC as a object of study,In the First place,the article analyzes the company capital structure historical development,secondly,this article utilize finance and statistic analysis methods,compared with peer company,find out the matters existing in the NCPC,such as the asset-liability ratio is too high,unreasonable liability structure,oversize financial leverage,ownership concentration,etc.Then,combining the quantitative analysis and qualitative analysis to provides the company with optimization method and path.After the analysis of the principle of optimality and target,based on the static optimal capital structure of NCPC,bond with the SWOT analysis,this article overall consideration of internal and external economic condition factors and calculated its weights,also think about the requirements of the company's financial flexibility,based on this to do dynamic state optimization,pointed out that optimal capital structure zone is 48% ~ 58%,thus for company to provide evidence for the plan to conform to the goal of optimizing capital structure.Finally,come up with the tactics to optimize the capital structure of NCPC.According to the existing matters of NCPC's own capital structure and the optimal capital structure of the company,the article provides the safeguard measures for NCPC to optimize the capital structure from the aspects of company adjustment cost,financing policy,debt structure,ownership structure and corporate governance of stock resources utilization.These measures can provide references for enterprises to formulate detailed rules on capital structure optimization so that the optimization goal of the capital structure of the company can be smoothly realized.