Research On The Influence Of Capital Structure Of Public Utilities Listed Companies On Company Value

All activities of the company are centered on value creation and aimed at maximizing the value of the company.While the value of the firm is influenced by many factors.Among them,capital structure is a very important item.It could reflect the concept of enterprise resource allocation and the actual operation results.Good capital structure could ensure that the enterprise.is in good operating condition and is beneficial for the company to create value.The public utility is the basic condition for the survival and development of the modern city,and is closely related to people's daily production and business activities.With the steady growth of national economy and the transformation and upgrading,development of public utilities have ushered in the opportunity,also face challenges.We need to strengthen the research of public utilities industry.In this study,in order to objectively reflect the level and process of the development of public utilities,many experts and scholars have chosen company value as an important measuring tool.Therefore,this article takes capital structure as the breakthrough point and analyzes the relationship between the public utility company's capital structure and the listed company's value.In order to ensure the stable,continuous and accurate data support,this paper takes public utilities listed companies as the research object,the broad capital structure is subdivided into debt structure,debt maturity structure,debt category,equity structure,to study the effect of these four aspects respectively of the enterprise value,tries to make the capital structure and the enterprise value correlation,look for the optimal capital structure can make the enterprise value.Based on the general framework,this paper is divided into five aspects.Firstly,through the influence of capital structure and enterprise value of domestic and foreign literature review,clarify the present situation of the research on capital structure,on the basis of the related concepts of capital structure and enterprise value are defined.Secondly,starting from the capital structure theory,the MM theory,trade-off theory,agency cost theory,information theory,pecking order theory in detail and analysis,theoretical basis and hypothesis as the optimization suggestions.Thirdly,this paper analyzes the current situation and characteristics of the capital structure of Listed Companies in the industry.Then,this paper from the aspects of capital structure,selected the Shanghai and shenzhen A shares market,public utilities listed companies in 2011-2015 financial data for five years,establish a panel data model,complete the empirical research on the relationship of the both of them,combined with the specific circumstances of the industry analysis of the regression results,draw the conclusion.Finally,based on the above analysis results and the current situation of the industry,combined with the relevant theory,the paper puts forward some suggestions to optimize the capital structure.