Manufacturing Enterprise Capital Structure And Corporate Value

The ultimate goal of all shareholders are in the pursuit of corporate wealth maximization.Capital costs will be directly affected by the influence of different capital structure, and the cost of capital directly affect the enterprise value, therefore the enterprise value will be influenced by the capital structure.themotherboard market establishedearlier, the SME board established in Shenzhen stock exchange market in 2004.But because of China’s capital market is not perfect and the SME board market has experienced 10 years of development, many aspects remain to be further improved, especially the relationship between enterprise value and capital structure is lack of relevant empirical analysis. The SME board market accounted for 78.76% of the industry, manufacturing industry as the research object, the overall situation can be represented SME enterprise board in a certain extent, and also provide some policy suggestions to optimize the capital structure of SME board listing corporation.This paper first reviews the relevant theories on the relationship between the two, and then analyses the capital structure and the enterprise typical small plates in the value of manufacturing status, and then using the method of OLS regression analysis was performed on two patients.According to the empirical conclusion and puts forward relevantpolicysuggestions. Sofar, Researchers have tried various methods to conduct empirical research on the two, the conclusion from these empirical studies are generally correlated(positive correlation, negative correlation, a range of related)and unrelated.This paper use 77 companies from 2007 to 2013 data, to asset liability ratio, the ratio of short-term debt and equity concentration as the independent variable, the rate of return on net assets as the dependent variable, and selected the size of the company and the company’s growth as the control variables, panel data and all the data were for the manufacturing industry from 2007 to 2013, the empirical analysis using EXCEL software and Eviews measurement software, finally according to the conclusions of the analysis put forward the relevant policy suggestions.