China's Listed Companies, Capital Structure Optimization

Capital structure that is a centralized reflection of shareholders' rights and obligations,determines the managing structure of corporations, and further influences on their behavior characters and value, therefore capital structure is "genes" of the modern corporations. Optimal capital structure is in favor of improving the behavior and value of corporations.First part of this thesis is the forward, introducing the object and background and main contents and conclusion. Chapter 1, in order to analyze the capital structure of the listed corporations in our country, reviews all kinds of theories of different times on the capital structure, including traditional capital theory and modern capital theory and new capital theory.Chapter 2 has two parts. The first part analyzes international capital structure . Second part of this it is the surroundings where listed corporations finance. Our companies' capital structure has three characteristics. At last , there are the reasons why these features take into shape. It emphasizes three reasons : economic system, and the undeveloped capital market, and the managers' incentive to pursue their own interests.Chapter 3 mainly introduces the optimal capital structure model. The first part is the establishment of the optimal capital structure model. The second part of this chapter is the appilication in our listed companies. I select two companies, utilizing the datas of the companies to compute the optimal capital structure. But it's impossible to say that the optimal capital structure is a number exactly. In fact, it's a range. The optimal capital structure is a optimal capital structure range. What we should do is to find this range, then adjust capital structure in this range.Chapter 4 puts forward the suggestions to optimalize our listed companies' capital structure.