Research On The Optimization Of Xinghua's Financing Structure Based On Pecking Order Theory

China’s coal chemical industry is currently in a period of economic growth.As an important sector of the national economy,it has played an important role in ensuring energy supply and industrial links.With the increasingly strict environmental protection policy and the practical requirements of pollution reduction and haze reduction,facing the influence of unstable factors of continuous market fluctuations,optimizing the financing structure of enterprises and reducing financing costs have become the key issues that coal chemical companies must face.This article mainly selects Xinghua Chemistry Co.as an example,and conducts an in-depth study on how to optimize the financing structure of the enterprise based on the pecking order theory.After research,it is found that Xinghua Chemistry Co.have a certain deviation in financing structure preference from the pecking order theory: in recent years,it has maintained a low assetliability ratio and preferred equity financing.Relevant theoretical research shows that the company needs to make full use of the financial leverage of debt financing to reduce the company’s weighted financing costs,but the company has not adopted such a method.In this paper,by understanding the various operating profiles of Xinghua Chemistry Co.,the current financial indicators and financing structure status in recent years in respect of internal financing,debt financing,and equity financing of several coal chemical listed companies in the same industry are studied,and their financing is analyzed based on the pecking order theory Structural preference.Through analysis,it is found that there are problems such as insufficient internal financing due to fluctuations in profits,a year-on-year decrease in debt financing ratio,and low efficiency of shareholder funds.At the same time,the nature of state-owned shares determines the company’s obvious preference for equity financing.Digging deeper into the cause of the problem,it was found that the product market slump led to insufficient profitability,debt financing was restricted by environmental protection policies,the proportion of equity was mainly concentrated in state-owned capital,and the relatively low current threshold for equity financing determined that companies preferred equity Financing.By using the enterprise value comparison method to calculate the static value of the optimal financing structure,and using the entropy value method to comprehensively consider the weight of influencing factors such as policy regulation,market environment,and internal conditions of the enterprise,the dynamic interval value of the optimal financing structure is adjusted and analyzed on this basis.The gaps and causes between Xinghua Chemistry Co.financing structure and the optimal financing structure require an increase in the accumulation of internal financing,an appropriate increase in the debt financing ratio,and expansion of the company’s diversified financing channels.Based on the above analysis,further specific methods and measures are proposed for improving the specific financing structure of Xinghua to ensure that the dynamic optimization of corporate financing structure can be implemented and maintained continuously and effectively.