Optimization Study, Based On Control Of The Capital Structure Of Listed Companies In China

For the enterprises, the capital structure is closely connected to their market value, and the attainment of the optimum capital structure will be helpful to the improvement of the enterprise's value. With the gradual establishment of market economy system and the modern enterprise system, the domestic capital market has made great achievements, but has also encountered many serious problems owing to our history or system. The root cause of the problems lies in the irrationality of the capital structure in the listed company.The capital structure determines the structure of the control rights, which is a determinative element for the enterprise's development, and affects the behaviors of shareholders. And as a result, the irrationality of the capital structure is bound to result in the separate behaviors of. With the above logic, the thesis puts the emphasis on the analysis of the current capital condition among the listed companies on control-based theories of capital structure, and the research on the features regarding the behavior of shareholders , ending up with the suggests to optimize the capital structure.The article consists of five parts: Part one begins with the introduction of the thesis's value for writing, and then makes a general statement of the main idea, the way of thinking and the original points with the background of the current research situation of the capital structure theory. Subsequently, it introduces the theory of the control right through the analysis of the theoretical development of the capital structure, and discusses the relationship between capital structure and control right on the basis of the imperfect contract and the rest control right, and ends up with the introduction of four basically theoretical patterns of the capital structure control right. Part three confirms the theoretical frame of capital structure—control right and points out the issues about the capital structure and control right should be discussed with the background of the shareholder theory as a result of the defects that lie in the theory of "shareholders first". Part four points out the main features of the present capital market and that of the capital structure of the listed companies On the basis of the current situation of the capital structure, it analyzes the beneficial contradictions among the shareholder and present situations of the control right and further analyze the causes for their present situations. Part five gives some pieces of suggests of optimizing the capital structure on the basis of the above analysis. According to the problems lying in the capital structure among the listed companies, we put forward with the suggests of optimizing the capital structure among listed companies with optimizing the inside mechanism and the outside mechanism.Finally, we come to a conclusion that the capital structure among the listed companies in present china is unreasonable. The traits of capital structure determine the station of control right, which effect the value of the enterprises. We should optimize the capital structure among listed companies with optimizing the inside mechanism and the outside mechanism.