Research On The Correlation Between Capital Structure And Corporate Value Based On Curve Fitting

At present,our society has entered a period of accelerating the transformation of economic development methods and deepening reform and opening up.As China's economic development has entered a new normal,the manufacturing industry is in a critical period of reforms such as capacity reduction,inventory destocking and structural adjustment.The connection between the "Made in China 2025" and the "One Belt and One Road" strategy has also provided a broader space for the development of China's manufacturing industry,bringing good opportunities for its transformation and upgrading.In this context,it is of great significance to study how manufacturing companies adjust their capital structure to create higher corporate value.As a centralized performance of the company's funding sources,capital structure is not only related to the company's governance efficiency,capital costs,financial policies and tax status,but also closely related to the operating results and overall value.In a complex and ever-changing market competition environment,enterprises can only play a positive role and and plan the capital structure rationally in order to improve the company's value by positioning themselves in a timely manner properly.Therefore,it is of great significance to study manufacturing companies how to adjust their capital structure and create higher corporate value in this context.Based on traditional eclectic theory,trade-off theory,signal transmission theory and preferential financing theory,this paper selects 100 related data of manufacturing listed companies from 2011 to 2015 as research samples,uses EVA as the agency variable of corporate value to study the relationship between the capital structure and the corporate value from the perspective of the overall debt level and debt maturity structure by using the curve fitting method.The results show:There is a significant negative correlation between asset-liability ratio and corporate value,but there is a range effect in its correlation;when the company's asset-liability ratio is in the range(0,34%),the negative correlation between asset-liability ratio and corporate value is not significant,when the debt ratio is in the range(34%,+?),there is a significant negative correlation between the asset-liability ratio and the corporate value;The relationship between the ratio of current liabilities,long-term liabilities and corporate value is not significant;The listed companies of the manufacturing industry mostly raise funds through current liabilities in the debt financing term composition.Based on the above conclusion,the government should improve the quality of capital structure by developing bond markets,enriching various financing tools,improving the bankruptcy system and establishing risk monitoring systems.Enterprises should reduce financial costs and operational risks by increasing the proportion of internal financing,controlling the size of current liabilities and paying attention to the replenishment of equity capital to optimize the capital structure of listed companies in the manufacturing industry of China and increase the corporate value.