The Study Of Capital Structure Adjustment Motivationand Pathbased On The Perspective Of Enterprise Life Cycle

Capital structure theory hasmatured in recent years, the dynamic capital structure theory has gradually become an advanced research hotspot at home and abroad. In the field of dynamics of the capital structure, the main direction of domestic and foreign scholars is the speed of capital structure adjusting, scholars focus on the impact of enterprise characteristics, macroeconomic shocks, market competition and other factors to adjust the speed. The recapitalization motivation and path selection have few studies. This paper takes corporate recapitalizations motivation and path selection as the main object, and considers the impact of lifespan of enterprises. The author conducts a systematic study of recapitalization motivation first time, makes up for the existing theories, and makes advices about recapitalization.This paper uses the data of 2011--2014 years, multiple regression analysis, and finds the following conclusions. First, the Chinese listed companies have three recapitalization motivations: motivation of operating and hedging, motivation of corporate governance, and motivation of signaling. The corporates in different life cycle have differentrecapitalization motivations, and the signaling motivation has different mechanisms of action. Secondly, the Chinese listed companies have different capital structure adjustment path, and will be influenced by different recapitalization motivations.The main innovation of this paper is filling gaps in existing research of recapitalizationmotivations by empirical research first time, and exploring the relationship between motivation and recapitalization path. was carried out. It benefits the research of the dynamic capital structure theory.