The Research Of Optimizing Capital Structure Of China's Listed Company

Since this 50's in century, capital structure (also be called finance structure) always is one of three topics (investment, financing, financial management) of modern company. The theory of capital structure also becomes the brightest diamond in the imperial crown of financial economics and financial theory. Moreover, a lot of economists are attracted by "the puzzle of capital structure". To a "rational" company, its core is to conduct a company by funds but isn't to produce; and its target of pursuing is to establish the proportion of debt and equity and make company obtain the maximum income within the scope of acceptable risk capital structure decides not only company's governance structure distribution of listed company and it's system, but also distribution and efficiency of social resource, especially, it is more important to listed company's exist and development. Therefore, the research of optimizing capital structure of china's listed company has profound theories meaning and realistic meaning.The full thesis is totally divided into four parts. The chapter one systematically analyzes the present condition of the research of capital structure, and completely grasps the developments of optimizing capital structure, and lays foundation for the research of optimizing capital structure of china's listed company. The chapter tow investigates the present condition of the capital structure of china's listed company and the inside and outside factors which affect the capital structure of china's listed company. The capital structure of china's listed company is obvious difference from the western nation. For the purpose that investigates whether the capital structure of china's listed company is reasonable, the empirical analysis of the capital structure of china's listed company and company's achievements is worked out. The chapter three investigates the research of optimizing capital structure in the different goals, and establishes the most optimizing model of the capital structure of china's listed company in multiobjective programming, and figures out the most optimizing rates of asset-liability. The chapter four connects the inside and outside factors affecting the capital structure of china's listed company which is introduced in the chapter tow and the method of fixed quantity is introduced in the chapter three, and puts forward a set of plans to perfect the capital structure of china's listed company. At last, this chapter prospects the future research. The characteristics of our listed companies' capital structure: higher of the proportion of external capital collecting, strong favoritism to equity collecting, and lower of total rate of assets and liabilities. On the side, the reason that the capital structure of china's listed company is obvious difference from the western nation is institution and environment, so the capital structure of china's listed company is basically reasonable. The main innovation point of this thesis is that it establishes the most optimizing model of the capital structure of china's listed company in multiobjective programming. This thesis puts forward a set of plans to perfect the capital structure of china's listed company in considering the inside and outside factors affecting the capital structure of china's listed company.