The Influence Of Capital Structure On Enterprise Value Of Listed Companies In Iron And Steel Industry

With the development of modern capital structure theory,the management and production goals of listed companies have changed.From the pursuit of profit maximization to the pursuit of shareholder wealth or corporate value maximization.Iron and steel industry is the pillar industry in the traditional industry in our country,the listed companies in China iron and steel industry is essentially the state-owned holding company,therefore,studies our country iron and steel industry listed company capital structure and enterprise value relations has very important practical significance,is beneficial to increase the value of China’s iron and steel enterprises,improve the international competitiveness and standardize the debt structure.This thesis takes the data of 35 listed companies in Shanghai and Shenzhen A-shares of steel industry from 2017 to 2019 as samples,and uses SPSS23.0 and Excel to analyze the relationship between the capital structure and enterprise value of listed steel companies.Finally,the corresponding empirical analysis results are obtained.First,the asset-liability ratio is negatively correlated with the value of steel companies.Second,current liability ratio is negatively correlated with enterprise value.Third,enterprise value is positively correlated with ownership concentration.The content of this thesis consists of five parts.The first part is the introduction,which expounds the research background,research significance,research content,research methods and innovation points of this thesis.The second part summarizes the theoretical basis and literature review used in this thesis,summarizes the relevant theories of capital structure and the method of measuring enterprise value.The third part is through some relevant statistical data analysis,aiming at the characteristics and current situation of China’s steel industry and the industry capital structure may exist problems are analyzed and discussed.The fourth part is the core part of the thesis,which is the empirical analysis of enterprise value and capital structure of iron and steel industry.On the basis of the first three chapters,three hypotheses are proposed,and the empirical analysis is carried out by using EXCEL,SPSS and other software,and the research is summarized by combining theoretical research with empirical test.The final conclusion shows that the asset liability ratio of listed companies in the steel industry is negatively correlated with the current liability ratio of Douyu enterprise value.The equity concentration of listed steel companies is positively correlated with enterprise value.It can be seen that the state prohibits the iron and steel industry from adding new capacity,and it is necessary to implement the relevant policies of coal,steel and other industries with excess capacity.The fifth part is the conclusion and suggestion part,according to the characteristics of China’s steel industry and relevant national policies,put forward some suggestions to optimize the steel industry capital institutions,1.Moderately reduce the ratio of current liabilities in the steel industry;2.Strengthen information disclosure and improve corporate governance structure;3.Expand the scale of the company and reasonably control the growth rate;4.Optimize the debt financing structure of listed companies in steel industry;5.Take market economy as the main body and reduce government intervention;6.Give play to the effect of corporate governance.Finally,the limitations of this thesis are summarize.