Research On Optimal Capital Structure Interval Of Industry Based On Big Data Thinking

Capital structure is an important issue in enterprise operating management,closely related to firm value.It has become the “capital structure puzzles” baffling modern economists that how to decide the capital structure to maximize the value of the enterprise.At the same time,with the development of information technology,big data gets into our field of vision,and quickly attracts the attention of the world.In the complicated and changeable economic environment,it is an urgent problem to solve that how to grasp the main and important information to determine the optimal capital structure,maximizing the enterprise value.Firstly,based on the theory of capital structure,this paper takes a review of research status on optimal capital structure interval,the influencing factors of capital structure and the application of big data thinking,and makes a systematic carding on related theories and research results.According to carding,this paper summarizes the macro and micro influencing factors of capital structure.At the same time,it analyzes the correlation between the phenomenon with big data thinking,that is,describes approximate variation tendency of the internal characteristics of enterprises,the external macro environment and the capital structure.Then taking the computer communication manufacturing industry as the study object,this paper analyzes the 10 variables of Panel Data from 2008 to 2015 bases on the variable intercept fixed effect model.Through those a model for the optimal capital structure will be determined and the optimal capital structure'range of this industry will be calculated.Also some optimization suggestions to existing problems will be put forward from the perspective of the company.At last,this paper makes a case analysis,and uses historical data and phenomena to verify the conclusion.Meanwhile,this paper also predicts the future of the macro environment,and provides a broad strategic direction for the industry's enterprises to further reflect big data thinking.The main conclusions of this paper include that :(1)It has much consistency that the analysis results based on Panel Data and the correlation between phenomenons based on big data thinking analysis.(2)Capital structure has a positive relationship with firm size,growth ability,asset guarantee ability,operation ability,macroeconomic environment and money supply.Capital structure has a negative relationship with profitability and solvency.Capital structure has no obvious relationship with tax shield effect and interest rate level.(3)The optimum capital structure interval of the computer communication manufacturing industry is from 52.39% to 60.45%.And now,the average capital structure of the industry is 51.09%,which indicates that most enterprises do not make full use of the financial leverage of debt to maximize the value of enterprises.