| The construction industry is an important industry of China's national economy.Its rise and fall affects the development of the entire social economy,as well as the living standards of the people in society.China's construction industry is a high-debt industry with low gross profit margin.The average asset-liability ratio is over 70%.Excessive debt will bring greater risks.Since entering 2018,China has adopted a series of documents requiring state-owned enterprises to “de-leverage”,aiming at reducing the high asset-liability ratio of state-owned enterprises.State-owned enterprises in the construction industry,as enterprises with high asset-liability ratios,are facing severe challenges.In order to cope with the fierce competition in the same industry market,adapting to the needs of the market,optimizing the resource allocation of enterprises,accelerating the upgrading and transformation of the construction industry,reducing the debt ratio and improving the capital structure of state-owned enterprises in the construction industry is imperative.As a traditional state-owned enterprise in the construction industry,Yunnan Luqiao is a typical capital-intensive enterprise.It has the characteristics of large capital investment,long project cycle,poor profitability,slow progress in payment of engineering funds,and difficult management of large-scale industries.In this context,this paper has carried out a more detailed study on the optimization of capital structure of Yunnan Luqiao Co.,Ltd.This article is divided into five parts.The first part of the thesis is an introduction.This part first expounds the background and significance of this paper.Secondly,it summarizes and analyzes the research results and experience of scholars in overseas and domestic regions in the field of capital structure.The research methods involved in this paper.The second part introduces the basic theories involved in the capital structure,analyzes the aspects of capital structure that need attention from the financial perspective,and introduces the common methods of capital structure optimization.The third part gives an overview of the overall industry environment of the construction industry.Then it briefly introduces Yunnan Road and Bridge,including the analysis of its business operations and financial status,and then analyzes the capital structure of Yunnan Road and Bridge.The results show that In terms of capital structure,Yunnan Luqiao has problems such as excessive debt ratio and unreasonable debt structure.In the fourth part of the thesis,the article comprehensively considers the actual situation faced by Yunnan Road and Bridge,and finally selects the optimal capital structure equation to calculate the optimal capital structure of Yunnan Road and Bridge.According to the calculation,it concludes that Yunnan When the capital structure of Luqiao is optimal,its asset-liability ratio should be 75.19%.However,as a company,the "optimization" of its capital structure should not be a specific node,but should be a dynamic range of values.Based on the reference to the domestic capital structure of the same industry,this paper uses the entropy method to determine the influencing factors of Yunnan Luqiao capital structure,and adjusts the optimal capital structure value of Yunnan Road and Bridge,and finally obtains the optimal capital structure interval.(71.18%-80.19%).According to the actual situation of Yunnan Road and Bridge,the company proposed the optimization of capital structure.Yunnan Road and Bridge needs to expand financing channels,further increase the financing of enterprises,enhance profitability,improve the efficiency of capital use,and strictly control and gradually reduce assets and liabilities.rate.Finally,in the fifth part of the thesis,it is concluded that there are many problems in the capital structure of Yunnan Road and Bridge.The research conclusions that need reasonable optimization are helpful for the effective optimization of capital structure in Yunnan Road and Bridge.It has certain practical significance. |
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