Study On Capital Structure And Influencing Factors After Corporation Merger And Acquisition

As the development of corporate finance and finance,people have a further understanding of the capital structure theory.Since the 1980 s,developed countries represented by the United States have produced a series of research results on the optimization of corporate capital structure.Up to now,many research results on the target capital structure problem have been developed,and a relatively complete capital structure theory has been formed and knowledge systems.Capital structure is an important and complex issue in the process of corporate mergers and acquisitions.It is of great significance both in theoretical elaboration and in the real economy.It is also closely related to the system.How to reasonably determine the target capital structure is not only related to listing.The company’s investment decisions,but also has certain guiding value and practical significance.The capital structure has an impact on the performance and value of enterprises,and will also have a profound impact on the corporate governance structure,growth,and so on.Most listed companies on the main board market are mature large companies.Therefore,it is more theoretical and instructive to study the influencing factors of their capital structure.At present,the study of whether the capital structure of listed companies has changed after merger and acquisition and how to optimize and adjust it is one of the focus issues of current academic and practical circles.On the basis of theoretical research on the influencing factors of corporate capital structure after merger and acquisition,this paper takes Shenzhen Capital Group and Zhaochi Co.,Ltd.in 2021 as samples to conduct empirical analysis on the influencing factors of corporate capital structure after merger and acquisition.A company’s capital structure has a broad and far-reaching impact on its longterm stability and sustainable development.Therefore,it is of great theoretical significance to study the factors affecting its capital structure.Firstly,the impact of three factors was studied at a micro level: business characteristics,cost of capital,and equity structure;Secondly,from a macro level,it mainly analyzes the impact of industrial differences,legal environment,and macroeconomic environment on the capital structure of enterprises;Also analyzed the changes in capital structure after Shenzhen Capital Group acquired Zhaochi;Finally,based on a review of domestic research,significant theoretical and practical suggestions were proposed.