Research On Optimal Capital Structure Of The State-owned Enterprises

This paper is treatise on capital structure of enterprise. In complete central planning time, enterprises capital structure is not the scope in our country economics search, and the source of funds is very single, almost completely from governmental finance; Thereupon it have no the difference between equities capital and debt capital. The 80's is a start stage of the search on our countries enterprises capital structure. With the progress on reform and opening our country, especially foreign investment enterprises and private enterprises developing, at the same time subjected to state-owned enterprises operation changed, these made the state-owned enterprises the form of obtaining the capital come to the significance changes, so equities capital and debt capital of the enterprises begin to be clear and definite, the notion of capital structure start having the realistic sense. In the 90's our countries enterprises capital structure was to study deeply. One hand the modern enterprises system is to be built, the behavior of enterprises in our country turns to market-enhance gradually, and the state-owned enterprises was aware of the selective materiality in capital structure; On the other hand, with creating successively the securities exchange in shanghai and shenzhen, the space of market select in capital structure in our country enterprises expanded, and the enterprises starts asking for the stock market operation capital structure optimal. Thereof, the selective research in capital structure of enterprises were also led to deep into. The aim of text is to combine capital structure with enterprises acquisition or merge, and create an united theory system. With the synthesis investigates, I want to find out the way to capital structure optimal of our country enterprises. The whole text includes seven parts, thereinafter are the mostly content:The first part is to introduce the background, point out the effect of capital structure in the enterprises. Afterward, summarize the research method and way of thinking .In this paper, I want to combine quantitative analysis with comparative analysis. At the end there is a review of study recently in our country. This part of roles is to put forward our question.Second part is, to definite afresh the notion of capital structure; then make a entirety investigate aiming at status of our country enterprises capital structure, and analyse the reason that bring these question. In a word, this part is a further search in by way of to make the reserve.The third part is the review of relevant capital structure. First of all there have a brief retrospection of research on our country enterprises capital structure recent years, on second thoughts look forward the research trend from now on; then investigate and evaluate the western capital structure theory. We can distinguish two stages mostly: the first stage is classical capital structure theory time, including the simple capital structure theory, traditional capital structure theory. Second stage is modern capital structure theory time, that be started by MM theory, including agency cost theory, finance agreement theory, signal matrix theory and so on. These round up for analysis behind.The fourth part talks about the relate between capital structure, acquisition andenterprise value maximization .The capital structure theory points out that capital structure approve to affect the worth of the enterprises in any way, some demonstration result also favored this standpoint; And acquisition and merge, in substance is by way of the worth of the enterprises maximize. Theory attest and demonstration express that acquisition and merge incline to create worth. After made the above analysis, we submit that we may combine the two in an united theory system: acquisition and merge, as a kind of exterior mechanism of capital structure optimal, will facilitate the course of capital structure optimal of the state-owned enterprises in our country.On the foundation of the theory summary, the fifth part put forward theory of capi...