Research On Capital Structure And Dynamic Adjustment Of Listed Companies In Chinese Retail Industry

As a people's livelihood industry to connect consumption and guide production,retail industry plays an important role in boosting and optimizing the domestic demand of the national economy.With the continuous development of market economy and financial reform,how to determine and adjust the capital structure has become the core issue of enterprise decision-making.Therefore,research on the capital structure and dynamic adjustment of listed companies in China's retail industry has important theoretical and practical significance for guiding companies to raise funds rationally,enhance the efficiency of capital use,improve corporate governance structure,and upgrade corporate performance.This paper sorts out the domestic and foreign capital structure theory achievements,combined with the actual situation of the retail industry,using the panel data of 49 listed companies in China's retail industry from 2000 to 2018 as a research sample,with the help of theoretical analysis,statistical testing,regression analysis and other methods to conduct research on structural characteristics and time effects,determinants,and dynamic adjustment issues.The results show that the ratio of debt financing in the retail industry is higher than equity financing,the fluctuation of the capital structure is small,and the overall capital structure shows a trend of first rising and then falling.The profitability,stock returns,growth opportunities,inventory turnover rate of retail listed companies are significantly negatively correlated with capital structure,the company size and non-debt tax shield are significantly positively correlated with capital structure,asset tangibility has no significant impact on capital structure.The deviation of capital structure,company size,and growth opportunities are significantly positively correlated with the speed of capital structure adjustment;after the 2008 financial crisis,the speed of capital structure adjustment in the retail industry has accelerated significantly,and the adjustment speed is more sensitive to changes in influencing factors.Finally,based on the theoretical basis and empirical conclusions,this paper puts forward some suggestions for the retail listed companies to optimize the capital structure.