Research On Captical Structure And International Competitiveness Of Listed Companies

As the most active and important main part of the market, enterprises have played a pivotal role on the economic development of a nation, and international competitive issues of enterprise become hotter and hotter among international scholars. At the same time, with the continuous development of China’s capital markets, the problem of how to optimize the capital structure and enhance the international competitiveness of listed company’s attracts more and more attention of scholars.This article first researches on the relevant theoretical literature and gets the Techniques Roadmap. And on that basis, we build enterprise’s international competitiveness evaluation system, as well as capital structure and theoretical model of mechanism of enterprises ’ international competitiveness. Next, we select75manufacturing listed companies in Shanghai and Shenzhen with10years as the panel data, to do the comparison and empirical analysis, empirical results show that the industry factors have a greater impact on capital structure of listed companies in China, capital structure and return on equity ratio was a significant negative correlation, and productivity was significantly related to largest shareholding ratio and productivity of enterprises significantly negative correlation.To further research related relationship of capital structure and enterprise international competitiveness, this article also select about20listed companies cross steel and beverage industry from New York Stock Exchange as the panel data, while select domestic listed company with the same industry and period to make the comparative analysis of transnational and across industry. And the results indicate that: industry factors on capital structure effect significantly: domestic listed company of capital structure and international competitiveness of agent value are below those of United States listed company of the same industry; correlation of listed company’s capital structure and return on equity ratio or between capital struture and labour productivity is significant, but under the influence of factors such as industries, countries and times, and with a combination of changes in direction, significant levels of correlation and coefficients differ significantly.Finally, basing on the analysis result, we give some suggestions on how to optimize the capital structure and enhance the enterprise’s international competitiveness.