The Optimization Path Of Capital Structure In Public Companies For Energy Industry

For a long time, capital structure theory is considered a very important and complex issues in financial economics. The theory related to capital structure is not deep into research on the level of different industries, which limits the capital structure theory to practice guidance. Energy industry,as a national industrial development in the basic industry, plays an important role in the national economic development. Therefore, the study of features of the capital structure and capital structure optimization problem of listed energy industry companies has strong real economic significance and theoretical value, for promoting the healthy development of energy companies.In this paper, the research purpose is that gaining the best capital structure of listed companies for energy, combining the status quo of the characteristics of the energy industry and the capital structure of the listed companies for energy, and making use of the financial data of 58 listed companies for energy from 2003 to 2008, establishing quadratic model estimating with the model and analysis with the empirical method. Then we come to the conclusion: the relationship between capital structure and business performance is inverted "U"-type relationship; moreover, the paper carries out model estimation and empirical analysis for the influential factors of capital structure by the method of generalized-mini-two-multiplication, to check up the influent on the capital structure of listed companies from all factors. The major conclusion is that, in our country, the assets debt ratio of listed energy companies is related to these factors:growth ability, profitability, solvency, asset-specific, non-debt tax shield, ownership concentration, corporate scale etc. The relation is significantly negatively correlated with the profitability, solvency, asset-specific, non-debt tax shield and ownership concentration, and the relation is positively with the growth ability and enterprise-scale.This paper includes six parts. The foreword mainly includes the background, significance, content and method of the research topic. The second part consists of the analysis of the basic theory of the capital structure in point of the optimization view, reviewed briefly and provide theoretical support for the optimization of capital structure. The third one consists of the analysis of the current situation of the capital structure of listed companies for energy. PartⅣand Part are the focus of this paper, the fourth part tests the existence of the optimal capital structure of the listed companies for energy, that is, the empirical testing of the relationship between these companies' performance and the capital structure. With the standard of the corporate'performance, this chapter fixes on the reasonable range of the optimal capital structure by establishing quadratic equation. The fifth part is the empirical analysis on the specific factors of the capital structure of listed companies, clear the specific influent factors of the capital structure of listed companies and provide alternative paths method for optimization of its capital structure. SectionⅥpresents the optimal path of the capital structure of listed companies for energy.