| A reasonable capital structure helps to stabilize the cash flow of enterprises,reduce the financial risks of enterprises,and promote the healthy development of enterprises.Therefore,seeking the best capital structure,reducing the financing cost of enterprises,and avoiding the debt crisis have become the urgent task of all enterprises.As a traditional manufacturing industry,the paper industry has experienced a period of rapid development,and problems such as overcapacity,slowing demand growth and increasing environmental pressure have become increasingly serious.In this context,if enterprises want to achieve substantial and stable development,they must pay attention to the optimization of the capital structure,improve the asset management system,accelerate the restructuring of enterprises,and promote enterprise reform to adapt to the current economic environment.In the process of operation and development,HF Paper,as a diversified paper enterprise,its asset-liability ratio has not reached the optimal level of the industry,and the enterprise still needs to continue to optimize and adjust its capital structure.Therefore,selecting HF Paper as the research object,analyzing its capital structure and putting forward corresponding countermeasures and suggestions can help enterprises optimize their capital structure,maximize their value and improve their competitiveness.At the same time,it will provide some reference for other enterprises in the same industry.First,use the literature research method to read the domestic and foreign literature related to the capital structure,sort out the ideas to determine the main research context,and take MM theory,trade-off theory,pecking order financing theory,control right theory,etc.as the theoretical basis for research.Secondly,based on the annual report data of HF Paper in the past five years,using case analysis method and comparative analysis method,this paper makes a longitudinal analysis of the current situation of the enterprise’s capital structure from three aspects of debt ratio,debt structure and equity structure,and finds four problems of HF Paper’s current capital structure through horizontal comparative analysis with the average value of enterprises in the same industry,mainly including low debt scale The debt structure is unreasonable,the equity structure is unbalanced and the financing method is relatively single.Finally,a combination of qualitative and quantitative analysis is adopted.Use the static optimal capital structure model to calculate the optimal asset-liability ratio of HF Paper Industry,and comprehensively consider the internal and external factors that affect the capital structure of the enterprise.Use entropy weight method to calculate the weight proportion of each influencing factor index,and determine the optimal capital structure range of the enterprise.Aiming at the current problems of HF paper industry,combined with the calculated capital structure optimization interval,put forward corresponding countermeasures and suggestions for enterprises to optimize capital structure,including increasing the scale of debt,balancing the debt structure,optimizing the equity structure,and adopting diversified financing methods. |
