Research On Capital Structure Of Gold Mining Listed Companies In China

Capital structure has always been an important issue in the research of corporate finance.Domestic research on capital structure is relatively late,and foreign capital structure theory is relatively mature.Due to differences in the economic system,observational data and research methods,the conclusions are also different.But there are few research literature gold mining listed companies' capital structure optimization problem.It is well known that gold mining has the characteristics of high industry barrier and long production cycle,which determines the sustainable development of gold mining enterprises.At present,Chinese gold mining listed companies generally have problems such as large capital pressure,irrational equity structure and long investment in short loans,which seriously affect the sustainable development of enterprises.Therefore,this paper has an important theoretical and practical value on the optimization of capital structure of China's gold mining listed companies.Based on the existing literature,this article in the system in this paper,the related theory of capital structure on the basis of the analysis of the gold mining industry in our country the industry characteristics and the present situation of the capital structure of listed companies,and the influence factors of capital structure,the condition of gold mining listed companies the proportion of debt and equity structure of empirical test respectively,puts forward the corresponding countermeasures and Suggestions accordingly.Specifically,the main research contents of this paper are as follows: 1.This paper analyzes the industry capital structure in chapter 3.Related data from 2007 to2016,industry analysis,found that the rate of assets and liabilities of gold mining companies and nonferrous metal CaiXuanYe roughly,but big gold mining companies(assets more than 10 billion yuan)asset-liability ratio is higher;Non-current assets are relatively high;However,the long-term debt ratio is low and the current debt ratio is extremely high.Gold mining listed companies are mostly state-owned holding companies,and did not introduce strategic investors.These problems increase thefinancial risk of the industry,which is not conducive to stimulating the market vitality and increasing the burden of shareholders,which seriously affects the development of enterprises.2.The fourth chapter empirically tests the capital structure of gold mining industry.The empirical results show that,in view of the particularity of the gold mining industry to select the four factors influencing the capital structure,namely,the company size,growth,profitability,tangible asset collateral value,only profitability is negatively related to the capital structure,the other three factors and the capital structure are positively related to relationship;Empirical test on the problems of the debt ratio,gold mining listed companies exist the problem of short and lend long shots,further analysis found that the reason mainly lies in not make full use of the capital market financing;On the basis of empirical test of the equity structure,it is found that the shareholding structure of China's gold mining listed companies is not reasonable.3.According to the empirical test results,the corresponding Suggestions are put forward.Maximize the scale effect of rational expansion;In addition to issues such as issuing bonds,rights issues and bank loans,we can try to use collectivized asset securitization,sustainable debt,gold lease,convertible bonds and other financing methods.Develop the gold price trend,improve the profitability of the enterprise;We will reduce the proportion of state-owned shares,implement the reform,introduce strategic investors,and realize the spread of equity.