| The global financial crisis in2008had a significant effect on the economies of seriescountries. It also caused domestic non-ferrous metal industry some impacts. The currentnon-ferrous metal industry is facing complex market environment,more financial risk andcompetitive pressures. This paper will research on the capital structure effect factors ofnon-ferrous metal industry listed companies. It will help related listed companies to analysis theindustry where they are,companies face capital structure effect factors. Then, every companiesdepend on the real situation to optimize the capital structure, enhance their ability to resistfinancial risks, improve economic efficiency and better respond to the complex and volatilemarket. Meanwhile, this essay also provide reference for non-ferrous metal industry SMEs.First, this essay reviews the research on Chinese and foreign scholars capital structure theory andrefers literatures about domestic and international capital structure factors. Then I collected andcommented research on non-ferrous metal industry. On this basis, I summarize and generalizethe capital structure effect factors. Second, excluding special treated companies, listed less thanfive years, some data anomalies companies, which select40as the sample studied.I research theirpresent situation from assets,liabilities and shareholders.Then,based on the sample annual reportdata from2010to2012for analyzing their capital structure situation.I can summarize fourfeatures that high concentration and fluctuating of asset-liability ratio,higher concentration ofstock equity,the ratio of short-term debt is larger than the ratio of long-term debt,thereasonableness of the borrower need improve.I sum up and analyze probably affect non-ferrousmetals industries elements.Again, non-ferrous metal industry companies to report data for2010-2012as the sample, setasset-liability ratio, asset-liability ratio of short-term and long-term assets and liabilities wasexplained variable, total assets margin, equity margin, current ratio, operating revenue growthand other factors to explain the variables between capital structure and its influencingfactors.By descriptive statistics, correlation analysis,multiple linear regression analysis to doempirical analysis.I came to a conclusion that profitability, non-debt tax shield, liquidity,operational capabilities are negative correlation with capital structure. Profitability and non-debttax shield are outstanding negative correlation on capital structure.While capital structure and theability to pledge, tangible assets showed more significant positive correlation. The firm size andgrowth factors on the capital structure did not have significantly affect the conclusions.In the end,based on the empirical result,I made some advice for non-ferrous metal listedcompanies about the optimization of capital structure,including a summary of aspects like enforcing the concern of capital structure,improving the profitability of the business,financingdiversification,bond structure optimization,stock markets continue to improve,etc. |
