China's Listed Companies In The Capital Structure Optimization

My article is based on the modern theory of capital structure. Using both quantitative analysis and qualitative analysis methods. I study deeply the present situation, influential factors and optimization of the capital structure of China's listed companies.The article is made up of four chapters.In the chapter one, I introduce and appraise the whole of the theory of capital structure and it's achievements. And then, I put forward six standpoints which supported by the article.In the chapter two, first, I analyze in detail the present of the capital structure of China's listed company with many full and accurate data, and obtain that the listed companies exist some characteristics, such as strong favoritism to equity collecting and lower rate of assets and liabilities. Next , I analyze some influential factors on China's listed companies' capital structure and consider that the present of capital structure is due to some defects in government and the listed companies themselves, such as those of management. Especially, I have a detail analysis to affect the special equity structure on capital structure.In the chapter three, after making a comparison with three standards of the optimum capital structure, I lead utility function into the method of maximum income-equity rate and establish the risk-utility model with the base of present of capital structure. At the same time, I take a sample analysis on WuGang stock.Chapter four proposes three suggests on policy. One is the optimizing of equity structure, the other is standardizing and developing bond's market, the last one is ruling some actions in the China's security's market. Chapter three and chapter four are the emphasis of this article.