Research On The Influence Of Asset Structure On Capital Structure Of Listed Companies In Media Industry

The development of the media industry is facing a new period of historical opportunity.With the transformation and development of the new normal of China's economy,the media industry sector has received more and more attention.Capital structure is an important factor affecting the development and value of enterprises,and the rationality of capital structure is closely related to the structure of corporate assets.For the listed companies in the media industry,the average asset-liability ratio of the industry between 2015 and 2017 is 35.42%,31.99% and 34.03%,respectively.Such a debt level on the surface,the company's financial risk is low,but if In combination with the company's asset structure and asset quality,at this level of debt,debt repayment ability is poor,and financial risks are relatively large.For listed companies in the media industry,to determine a reasonable capital structure,not only must efforts be made to allocate assets,but It is important to have a clear understanding of the structure of assets and the quality of assets.This paper first reviews the classic theory of the capital structure proposition in the development process,and summarizes and summarizes the literature research on the impact of asset structure characteristics on capital structure in recent years,and then points to the development stage of China's current media industry listed companies.The characteristics of its asset structure and capital structure were statistically analyzed.The article uses panel data to empirically analyze the impact of asset structure characteristics on capital structure of listed companies in the media industry.The research results show that the asset structure of listed companies in the media industry affects the choice of capital structure.The liquidity of assets is significantly negatively correlated with the capital structure;the tangible guarantee ability is significantly positively correlated with the capital structure;the capital structure is positively correlated with the level of goodwill.It reflects that leveraged buyouts are adopted by many companies.Due to the particularity of goodwill assets,it means that the liabilities associated with goodwill have greater credit risk.Once the profitability of the underlying assets acquired by the company does not meet expectations,the enterprise will face greater debt repayment pressure and financial risks.Further empirical evidence shows that the first phase of goodwill and the second phase of lag are significantly positively correlated with the capital structure,indicating that the listed companies in the media industry failed to optimize asset allocation and adjust the capital structure in a timely manner.The asset structure of listed companies in the media industry affects the speed of capital structure adjustment.The stronger the liquidity of assets,the faster the company's capital structure adjustment;the greater the proportion of goodwill in assets,the slower the adjustment of asset structure.The optimal capital structure is the dynamic process of continuous optimization and adjustment of capital structure.Liquid assets contribute to the optimization and adjustment of capital structure.Goodwill assets are not conducive to the optimal adjustment of capital structure.First,improve the corporate governance structure;second,rationally allocate assets and optimize capital structure;third,strengthen supervision over corporate information disclosure behaviors,strictly regulate corporate mergers and acquisitions;fourth,accelerate capital structure dynamics adjustment.