Research On Optimization Of Enterprise Capitalstructure Based On Financial Leverage Effect

Since the founding of 1949,it has passed more than 60 years,especially since1978,the economic development of China has made remarkable achievements.The economy has ranked second in the world,and per capital GDP has reached the middle income level.The satisfaction of material life makes people pursue the quality of life more and more.As a result,household cars are becoming more and more into the homes of ordinary people.according to the statistics of our country in 2016,the sale of domestic automobile has exceeded 12 million units.In this context,the scale of the automobile industry is increasing,and facing fierce market competition at home and abroad.Enterprises to remain invincible in the competition,strong funds and technology are essential.As a capital-intensive automobile industry,its capital demand is often hundreds of millions,however,due to the single financing channel,enterprise capital is often in short supply,so the enterprise has to rely on heavy borrowing to maintain operation.For the financial leverage effect of debt financing to optimize the study of enterprise capital structure,foreign comparative maturity,China is still at the primary stage,especially for a specific industry research,China is less.This paper is divided into five parts.The first part of the paper reviews the research results of financial leverage at home and abroad,and draws on the good scholars at home and abroad on the basis of financial leverage,summarizes the content of this paper and the scope of the study.The second part is the theoretical part,introduces the related theory of financial leverage,financial leverage and capital structure in detail.The third part is the empirical part of this paper,in this part,take the automobile industry listed companies as an example,select the research samples and research indicators related to the research content,and analyze the selected sample index data,and understand the specific situation and problems of financial leverage of listed companies in China.The fourth part is the innovation part of this paper,based on the research,put forward how to optimize the capital structure of the listed companies under the guidance of the optimal financial leverage rules,to maximize the enterprise value.The fifth part is the conclusion part of the paper,from the whole point of view,and puts forward reasonable suggestions on the existing problems of the automobile listed companies.This paper analyzes the utilization of the financial leverage of Chinese listed companies,in order to promote the automobile industry to make full use of financial leverage,optimize capital structure,improve enterprise value provides a scientific basis,and has certain practical guiding significance.