Research On The Optimization Of The Capital Structure Of C&D Shares Based On The Theory Of Priority Financing

With the expansion of business scale,Enterprises will increase demand for funds.So it is an important issue for the development of enterprises that choose a scientific and reasonable financing method to maintain a good capital structure.Through the scientific and reasonable evaluation of the capital structure of enterprises,we find the ways that can reduce the cost of capital and financing risks and establish efficient financing models to realize maximize value of enterprises.Corporate finance preferences directly determine the company's capital structure.Financing preference theory is an important theory that affects corporate financing decisions.Optimal financing theory is widely used.Under the featured socialist economic system,the Chinese enterprises have their own characteristics.So the applicability of the optimal financing theory in China is worth considering.The application of capital structure theory to Chinese enterprises has great significance to the sustainable and healthy development of Chinese enterprises.How to adjust the capital structure of Chinese enterprises with the theory of optimal financing?In order to solve the above problems,this paper takes Xiamen Jianfa Co.,Ltd.as the research object.On the basis of Optimal financing theory,the paper takes the financial data of Jiansha shares as the research object.By analyzing the status quo of the capital structure and the status of the financing structure,the paper found the capital structure of Jianfa shares has some problems as over-scale of liabilities,unreasonable structure of liability period,defects of equity structure and unbalanced financing channels.By analyzing the feasibility of financing channels of Jianfa shares,this paper puts forward the optimization plan of capital structure of Jianfashares: expanding financing channels,using diversified financing tools;enhancing profitability and raising internal financing Ratio;improve solvency,optimize corporate debt structure;emphasis on equity financing,optimize the company's shareholding structure.In order to ensure the optimization of the capital structure of Jianfa shares,this paper proposes four safeguards in accordance with the capital structure of the enterprise and its optimization plan: establishing a dynamic optimization mechanism for capital structure;strengthening internal financing and sound internal accumulation mechanism;introducing diversified investors,equity incentive mechanism;follow the optimal financing mechanism for optimal financing choice.