Study On Capital Structure And The Speed Of Adjustment Based On Industry Heterogeneity

The capital structure of the listing Corporation have been the focus of academic research at home and abroad, because capital structure influences the survival of a company, with the optimization of reform of the industry in our country, industry heterogeneity had certain influence to the capital structure and the speed of adjustment, when the industry is different, the speed of adjustment is different. Enterprise is to optimize its capital structure, the pursuit of the target capital structure, and realize the maximization of enterprise value. Only in this way can we promote the sustainable development of the whole industry and the whole economy.This paper first theoretically discusses the development process of modern capital structure, and then discusses the influence factors of capital structure and the speed of adjustment, we found that size, asset structure, the maturity structure of debt, profitability, Solvency, liquidity, growth opportunity, non-debt tax shield and the effective tax rate affect the capital structure of company. Innovation of this paper is based on industry heterogeneity, we studied the influence factors to capital structure and the speed of adjustment. According to the inputs of production factors, the manufacturing enterprises are divided into three categories:capital intensive, labor intensive and technology intensive. Then the paper makes an empirical analysis and found that:the size of technology intensive enterprises makes the largest contributions to leverage; the asset structure of capital intensive enterprise and labor intensive enterprises has no significant effect on leverage; for coefficient of profitability, which of capital intensive enterprises, labor intensive enterprises and technology intensive enterprises are negative; Solvency of capital intensive enterprises is positive to leverage, and the reverse is to labor intensive enterprises; labor intensive enterprises and technology intensive enterprises have followed the signal transmission theory, there is a positive correlation between their liquidity and leverage; for labor intensive enterprises, non-debt tax shield and the leverage is inversely proportional to each other. At the same time, technology intensive enterprises have the fastest speed of adjustment, which is lower in labor intensive enterprises, but for capital intensive enterprise, the speed of adjustment is negative, is to no speed. Finally, we summarize the full text and put forward policy recommendations of optimization for the capital structure from the micro and macro level.