Research On Capital Structure Optimization Of Jianghuai Automobile Corporation

Since the 2021 CSRC System Work Conference pointed out that it is necessary to strengthen the tracking,research and judgment of the macro situation,strictly control the level of capital leverage of listed companies,and gradually increase the proportion of direct financing,which has put forward new requirements for the improvement and development of the capital structure of listed companies in China.With the acceleration of the transformation and upgrading of the automobile industry in recent years,how to use the market mechanism to mobilize more social capital,improve product competitiveness,adjust financial leverage,and reduce the dependence of industrial development on financial subsidies has become an important problem that the automobile industry needs to solve urgently.As a representative car company in China,JAC’s financial situation has deteriorated sharply in recent years,and the capital structure of high debt can easily lead to financial risks.Therefore,it is particularly necessary to optimize the capital structure of JAC.Based on domestic and foreign research results and the theory of capital structure,this paper analyzes and compares the JAC’s current situation of capital structure from three dimensions of its liability structure,equity structure and financing structure,and summarizes the existing problems as the relative level of assets and liabilities.Higher and weaker solvency,unbalanced debt structure,high equity concentration,obvious preference for financing channels,and single financing method.Combined with static model and entropy weight method,the influence weight of internal and external factors on the company’s capital structure is determined to determine the optimal range of JAC’s capital structure.Taking this as a guide,starting from four aspects: increasing internal accumulation,adjusting the liability structure,improving the financing system,and establishing a risk monitoring system,designing corresponding specific plans for capital structure optimization,and proposed internal and external improvement measures to ensure the capital structure optimization plan.