Research On Capital Structure Optimization Strategy Of Xiangdian Group

Since the reform and opening up,the reform of state-owned enterprises has become the core force.In different historical periods,the Party Central Committee and the State Council have launched a series of measures to promote the in-depth development of state-owned enterprises.Enterprise capital structure is the key factor to determine whether an enterprise can operate well.In recent years,after the reform of shareholding system,the corporate governance structure of most state-owned enterprises and the promotion channels of employees are also developing and improving.Although the reform of state-owned enterprises has made great progress,it can not be ignored that there are still great problems in the capital structure of state-owned enterprises,so this paper takes Xiangdian Group as an example to explore the optimization of the capital structure.As we all know,large state-owned enterprises generally have problems such as unreasonable asset structure and equity structure,which is mainly caused by their long capital turnover cycle and high proportion of fixed assets.This paper takes Xiangdian Group as an example.Firstly,it analyzes its financing methods.The financing methods of Xiangdian Group can be divided into internal financing and external financing,which includes debt financing and equity financing.Secondly,it analyzes the current situation of its capital structure and finds the following problems:(1)high asset-liability ratio,(2)the unreasonable debt structure,(3)The equity structure is relatively simple,(4)poor investment benefit,(5)Growth capacity needs to be improved,the cause to delve into the main capital supply system is not sound,the profit distribution system is not reasonable,lack of binding the present bank system,investment main body dislocation,internal governance structure is not sound five aspects of reasons for this.Aiming at the present situation of Xiangdian Group ’s capital structure,this paper analyzes the possible problems and uses the principle of static optimization design of capital structure to determine the best point of capital structure.It is concluded that Xiangdian Group ’s best point of capital structure is 61.24%.Because the static model of capital structure has many strict assumptions,it does not quite accord with the reality.Therefore,based on the static model of capital structure,this paper comprehensively considers the influence of internal and external factors on the capital structure,and then determines the optimal dynamic capital structure interval of Xiangdian Group.It is concluded that the optimized interval of asset-liability ratio of Xiangdian Group is[57.11%,61.24%],and puts forward specific optimization design scheme.In order to ensure the smooth implementation of the capital structure optimization plan,this article proposes that companies can improve from the following five aspects:(1)expanding financing channels,reasonably controlling debt scale;(2)improving debt solvency,optimizing corporate debt structure;(3)enhancing profitability and improving internal financing Proportion;(4)Improve governance structure and reduce operational risks;(5)issue convertible bonds to improve and expand financing channels.