Research On The Orientation And Optimization To Capital Structure Of Chinese Enterprise

Capital structure theory is the focus issue of financial research, which is extremely important and complex. In 1984, Professor Myers who is a famous economist in MIT, a well-know U.S Institute of Finance Chairman named The Mystery of Capital Structure in the academic seminar. Nearly half a century, in the field of financial economics, it is rare that the enterprises capital structure on theoretical study of long duration and many argue.Based on the objective of financial management, the theory of capital structure and their relationship, the capital structure of the latest research result have been compiled. And by analyzing the enterprises capital structure and the market value of the company and the management of internal relations, and by analyzing the listed companies in China's capital structure current status and the issue of optimization, and by analyzing market timing from the theoretical foundation and the impact on the enterprises capital structure, it disclose that financing of enterprises should be the first source of internal financing, and then long-term debt financing, and equity financing is final. However, due to our low cost of equity financing, irrational equity structure, imperfect financing markets, such as lack of property rights theme, it leads to that the enterprises prefer to equity financing. Therefore, it is urgent for us to solve the problem which the China's capital structure theory in line with national conditions should be reconstructed based on the foreign capital structure. As above, debt market standardized and developed, the capital structure optimized and market behavior regulated have been put forward, so that these proposals can optimize the structure of China's listed companies.