| Capital structure theory as an important theory of corporate finance field,has been in continuous development,from the beginning of net income,net operating income theory and traditional compromise theory,to late agent theory,the optimal sequence financing theory,financial contract theory,signaling theory,especially in the MM theorem is raised,obtained the rapid development of the capital structure theory,combining theoretical research and empirical research,greatly promote the optimization of capital structure,the value of the company has also been gradually and improve.Fruitful results to corporate governance not only provides a solid theoretical foundation,also in virtually promote the prosperity of the economy in the region,especially in the developed capital market.Debt financing as the basis of corporate capital structure,affecting the embodiment of the value of the company,the company's tax,financial status and agency cost is directly related to manager also indirectly affect the company's governance structure and behavior,the company as the main economic objects of capital market,so the impact of debt financing in a country or a region's economic growth.In this paper,based on the theory of capital structure,choose the Chinese steel industry listed companies between 1994 and 2016 data of 43 companies as the research sample,quadratic curve model,the empirical analysis,hope that through the empirical analysis,found that maximize the value of the steel industry listed company the optimal leverage.The research results show that the steel industry listed company of the value of the company has a quadratic curve relationship and liabilities,there is a optimal debt ratio,and the optimal debt ratio is low,it shows that the steel industry there is a big problem of debt governance,and higher iron and steel industry as a whole asset-liability ratio greatly,finally from the perspective of corporate debt management puts forward related Suggestions. |
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