Research On Capital Structure Optimization Of State-owned Listed Companies

Different capital structures tend to form different governance structures and bring different governance outcomes.The state-owned holding companies have formed the company’s unique ownership structure and capital structure as the important factor that influences the corporate governance structure and the governance level because of the governance’s property or government background of the controlling shareholders.For a long time,state-controlled enterprises have poor performance,which have a close relationship with the state-owned holding enterprises of the special ownership structure and capital structure.It is very important to study the characteristics and influencing factors of capital structures of state-controlled enterprises,and explore the methods and conditions of capital structure improvement in combination with the special ownership structure of state-controlled enterprises,and to improve the governance level and performance of state-owned holding companies.In this paper,the financial data of 41 state-owned listed companies from 2007 to 2015 are used as explanatory variables,such as the ratio of the state-owned shares,profitability,liquidity and non-liability tax shield,as the explanatory variables.The influence of the data on the capital structure is verified by the panel data,and the dynamic adjustment of the capital structure is carried out by the generalized distance estimation method(GMM method).It is found that the proportion of the state-owned shares is negatively correlated with the capital structure,that is,the higher the proportion of the state-owned shares and the lower the level of corporate liabilities.The relationship between other explanatory variables and asset-liability ratio is that profitability and liquidity are negatively correlated with asset.On the contrary,asset ability,corporate size and asset-liability ratio showed a significant positive correlation.The paper consists of five parts:(1)Introduction.Including the background,the meaning,the topic,the definition of the core concept,the combing and summarizing the research results at home and broad.And the research methods of the paper,the article frame and innovation.(2)The relevant theoretical overview of capital structure.Including MM theory,trade-off theory,agency cost theory,control theory and so on.(3)Descriptive statistical analysis.Based on the relevant financial information of the sample company,this paper makes a statistical analysis on the financing channels and capital structure of the state-controlled listed companies,and points out the prominent problems in the capital structure of the state-controlled listed companies.(4)Empirical test.Based on the data of 41 the state-controlled listed companies,the model is analyzed from static and dynamic aspects.Compared with the static model,most of the parameters of the dynamic model are consistent with the expected estimates,and have a high significance level.(5)Conclusion and recommendations.This paper summarizes the overall situation and influencing factors of the capital structure of the state-controlled listed companies and puts forward opinions and suggestions on how to improve the capital structure.