| Equity financing and debt financing are the main channels of enterprise financing,but generally speaking,the equity financing of Chinese enterprises is much higher than that of debt financing,and Chinese listed companies often have the preference of equity financing.This reality is contrary to the order financing theory of traditional theory,which is not conducive to the improvement of company value.In recent years,the rapid development of electronic commerce has brought great convenience and speed to people,making wholesale and retail trade gradually get rid of the shackles of manufacturing industry,and began to highlight the extremely important economic status.Wholesale and retail trade account for more and more in the development of national economy.However,due to its late start compared with foreign countries,there are many operating problems,so it is of great practical value to study the relationship between capital structure and corporate value of wholesale and retail trade under the background of listed companies' preference for equity financing.This article first introduces the introduction and the basic theory part,the introduction part includes the research background,the research significance,the research mentality and the domestic and foreign scholars to the equity financing,Literature review on capital structure and corporate value,wholesale and retail trade.The basic theories include MM theorem in modern capital structure theory,principal-agent cost theory and information transfer theory in new capital structure theory.Secondly,it analyzes the development of wholesale and retail trade and its financing status.In this part,it shows the economic status of wholesale and retail industry and the preference of equity financing in financing mode.Then it analyzes the reasons why listed companies prefer equity financing from internal and external aspects.Then the relationship between capital structure and company value of wholesale and retail industry is analyzed empirically.In this part,the listed companies in wholesale and retail trade are divided into state-owned enterprises and private enterprises,and the relationship between capital structure(asset-liability ratio)and corporate value(Tobin Q)is studied respectively.Finally,the corresponding empirical conclusions aredrawn,and corresponding normative suggestions are put forward.This paper selects 136 listed companies of wholesale and retail trade in China for the period 2011-2016 to analyze the current situation of equity financing,capital structure and company value.In the empirical process,Tobin Q is selected as the variable to measure the value of the company.Asset-liability ratio as a measure of capital structure,that is,the empirical part of the explanatory variable,at the same time select the top five shareholder shareholding ratio,the top ten shareholder shareholding ratio company size,executive compensation,Wholesale and retail index as control variable.The empirical results show that the capital structure(asset-liability ratio)has a positive relationship with the company value.The proportion of the top five top executives is negatively correlated with the value of the company,and the proportion of the top ten senior executives has a positive correlation with the value of the company.Furthermore,by analyzing the relationship between capital structure(asset-liability ratio)and corporate value(Tobin Q)of state-owned enterprises and private enterprises,It is found that the capital structure(asset-liability ratio)and corporate value of state-owned and private enterprises also have a positive relationship,that is,the ratio of assets to liabilities is high,the value of company is high,and the conclusion is in accordance with the famous MM theorem.Finally,according to the empirical results,a series of empirical conclusions are drawn,and some measures are proposed to regulate this behavior,optimize the capital structure of the company,and then improve the value of the company. |
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