Research On The Capital Structure Optimization Strategy Of YY Urban Construction Company Under The Background Of Mixed Reform

In an effective market economy,optimizing the capital structure of enterprises is an important way to enhance the value of enterprises.Since the early 1990 s,all kinds of urban construction and investment companies(hereinafter referred to as "urban investment companies")in China,as the operating subjects with the nature of government,have provided important assistance to the local economic construction.With the change of social and economic development stage,the social benefit responsibility of these companies has been reduced.At the same time,in order to restrain the excessive debt risk of local government,the State Council In September2014,the State Council's opinions on strengthening local government debt management(hereinafter referred to as "document 43")was issued.As the main financing channel of local governments in the past,urban investment companies were also forced by the external environment to transform into fully market-oriented business entities.However,due to its past main function of providing financing and investment services for the local economic construction,the relationship between the government and the enterprise has not been clarified.The proportion of non-operating assets of the enterprise is on the high side,the profitability is poor,the internal financing ability is weak,the external financing binding force is not strong,the financing channel is relatively single,there are generally excessive liabilities,high financial leverage ratio and asset operation efficiency.In the process of marketoriented transformation,the optimization of capital structure of urbaninvestment company has become one of the important problems to be solved.From the perspective of enterprise internal management,urban investment companies have their own intrinsic motivation to optimize the capital structure in order to enhance the enterprise value and avoid being eliminated by the market tide.At the same time,after the Third Plenary Session of the 18 th CPC Central Committee established the direction of the reform and development of mixed ownership of stateowned enterprises in the new era,such companies,as an important part of state-owned enterprises,also face the optimization of capital structure in the external environment.The pressure of reform includes restructuring of equity structure,adjustment of debt ratio and adjustment of debt structure.This paper takes YY City Construction Investment Co.,Ltd.(hereinafter referred to as "YY City Investment Company")as an example,analyzes from the perspective of accounting management,draws on the relatively mature capital structure optimization model,takes the relevant theories of capital structure optimization,capital structure dynamic optimization and capital operation as guidance,and combines the realization cost and optimization benefit balance of capital structure optimization.This paper qualitatively and quantitatively analyzes the problems existing in the investment structure of YY City,and then puts forward corresponding optimization suggestions.Firstly,this paper introduces the background and significance of the research,research methods and research framework;secondly,it combs the research progress of relevant theories at home and abroad to clarify the concept,connotation and realization path of the optimization of the capital structure of enterprises;then,combined with the characteristics of China's urban investment companies and the analysis of factors affecting the capital structure of enterprises,it infers the optimal capital structure target area of urban investment companies.It is objective and measurable;then it analyzes the problems and causes of YY City investment company's current capital structure,expounds the necessity of YY City investment company's capital structure optimization,and puts forward corresponding solutions and implementation paths for these problems,in order to achieve the goal of capital structure optimization and provide assistance for YY City investment company'smarket-oriented transformation.At the same time,it also provides practical solutions for other similar urban investment companies to realize market-oriented transformation,value promotion and resolve the excessive debt risk of enterprises.