A Research On The Optimization Of Capital Structure Based On Financial Sustainable Growth In Enterprise

The theory of corporate capital structure has been in focus by economic circles sinceMM theorem was born。Their theories are founded on a series of assumptions,afterwards,people develop the research mentality unceasingly in the theory and thepractice, has yielded a series of valuable results. It can be found that although mostlisted companies remain lower ratio to liabilities of assets and some companies' lowerratio to liabilities of assets are close to zero, those companies are longing for financingby issuing shares, which doesn't accord with theory of west capital structure and hasdisadvantageous influence to listed companies in the long term. The taking this intoconsideration, this article through goes on the market the company capital structure toour country to carry on the analysis, inquires about based on the sustainable growthcapital structure optimization way.This article mainly divides into three parts, the first part first is clear aboutbetween the financial sustainable growth and the capital structure reciprocity,promulgates take the enterprise value maximization as the link financial sustainablegrowth and the capital structure reciprocity. The second part is the rationale which thisarticle studies partial: The enterprise theory, the enterprise sustainable development,the financial sustainable growth theory as well as the enterprise capital structurefinancing superior foreword theory, seeks in various theories about the sustainablegrowth and the capital structure relations theory support, the third part of basis financesustainable growth theory and the capital structural theory analysis, from thesustainable growth angle of view, discovered our country goes on the market thecompany capital structure existence all sorts unreasonable condition, some evenviolated the enterprise to pursue survives and develops the basic goal originalintention, actually these all were neglects the financial sustainable growth rule onekind of performance. And proposes the corresponding countermeasure and the policysuggestion in this foundation.