| This article selects 2009-2013, continuing operations of Shanghai and Shenzhen two city a-share manufacturing? 17 listed companies as samples, use the method of combining theory and practice of study. Firstly, according to the enterprise life cycle theory, this paper selected three indicators like growth rate of total assets, business income growth and net profit growth rate, using principal component analysis to keep manufacturing listed company divided into three stages of growth, maturity and decline. Secondly, based on the theory of capital structure, this paper selected non-debt tax shields liquidity asset, firm size, effective tax rate,asset tangibility, profitability,growth of these seven indicators to build the model of optimal capital structure dynamic adjustment, respectively, to the growth period, mature period, decline phase of enterprise by GMM generalized moment estimation method for empirical research. Results show that the dynamic adjustment model has more explanatory power, manufacturing enterprises exist the optimal capital structure, the optimal capital structure of enterprises of different life cycle phase adjusting speed in a recession, growth period, mature period, decline in turn. At the same time, the optimal capital structure influence factors in different stage are different on the impact on capital structure, specific for growth is negatively related to the liquidity of enterprise, positively related to the company size, is negatively related to the non-debt tax shields, negatively related to the profitability, and growth are related. Maturity is negatively related to the liquidity of enterprise, positively related to the company size, is negatively related to the non-debt tax shields, and asset tangibility, negatively related to the profitability, and growth are related. A recession is negatively related to the liquidity of enterprise, and negatively correlated to profitability. |
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