Research On Optimization Of Capital Structure Of BeiJing Shougang Co.,Ltd

At present,China has entered the transition period of economic development,and the downward pressure of economy is great.Iron and steel industry,as one of the basic industries of the national economy,has always had the problem of overcapacity.Most iron and steel enterprises because of "high debt" resulting in the expansion of corporate financial risk,so that the economic benefits of the entire steel industry showed a downward trend.In addition,the capital structure of iron and steel enterprises also faces the problems of unreasonable debt structure and imperfect equity structure.The thesis takes Bei Jing Shougang Co.,Ltd as the research object,mainly because the asset-liability ratio of Bei Jing Shougang Co.,Ltd is more than 70% in the past four years,and the current debt ratio in 2019 is more than 70%.Under the background of "deleveraging" advocated by the state,it is of certain significance to study the capital structure and debt management benefit of Bei Jing Shougang Co.,Ltd.This thesis adopts the concept of generalized capital structure and summarizes the relevant methods and documents to determine the optimal capital structure interval as theoretical support.Through the longitudinal data analysis of Bei Jing Shougang Co.,Ltd from 2015 to 2019 and the horizontal data comparison of the same industry companies,it is found that the capital structure of Bei Jing Shougang Co.,Ltd has the problems of high asset-liability ratio,unreasonable debt structure,insufficient endogenous capital and too high equity concentration.Then the capital structure of Bei Jing Shougang Co.,Ltd is optimized and the optimal capital structure interval of Bei Jing Shougang Co.,Ltd is 34.71%-44.71% by combining static quantitative calculation and dynamic elastic analysis.Finally,according to the problems existing in the capital structure of Bei Jing Shougang Co.,Ltd,this thesis puts forward some measures to adjust the debt structure of the company,broaden the financing channels,increase the proportion of endogenous capital and promote the optimization of the equity structure,as well as the relevant guarantees for the implementation of these measures.There are 8 pictures,20 tables,7 formulas and 53 references.