A Study On Determinants Of Capital Structure And Optimization In Chinese Equipment Manufacturing Listed Companies

China's equipment manufacturing industry is an important pillar of our national economy,the bridge and thoroughfare of high-tech converting to Productivity. The capital structure of chinese equipment manufacturing listed companies has influence on the value of companies directly. However,The capital construction of chinese equipment manufacturing listed companies is not reasonable.So, the article wil analyze the influencing factors of listed companies in China's equipment manufacturing industry on its capital structure and optimization, and make specific suggestions.Since the formation of starting capital structure theory,the wave has been led to study of affecting factors with the capital structure.With dynamic capital structure theory putting forward, building section dynamic adjustment of capital construction model, is currently a hot research frontier to study the impact factors of the capital structure,in a dynamic environment.This article is using the application to dynamically adjust the capital structure model to study the factors affecting its capital structure,for the equipment manufacturing listed companies.This paper selects 257 listed companies continuing operations nine years in the equipment manufacturing industry,16191 panel observational data for the study. And build section dynamic adjustment of capital structure model of the equipment manufacturing industry listed companies,to analyzing its factors influence. The research found :Liquidity,profitability, growth have negative correlation with the capital structure.And the company size,asset construction have positive correlation with the capital structure.The relationship between NDTS and capital structure is not significant.In addition,The paper estimates optimized ratio of the capital structure in equipment manufacturing listed companies, and analyzes the factors affecting of the capital structure adjusting speed.It found that it hasweaker optimization capabilities,and higher adjustment costs.Finally, based on the factors listed companies in the equipment manufacturing industry and target capital structure optimization,the paper makes recomm endations : putting emphasis on corporate microscopic features of factors, developing of the bond market,reducing adjustment costs, controling capital structure dynamically, planning capital structure reasonablely.