Research On Capital Structure Optimization Of Yonghui Supermarket

Since China’s economy has entered the new normal,the development of various industries has gradually slowed down,and the physical retail industry has shifted from the exponential growth type in the past to a stable growth.At the same time,in the context of the rapid development of the Internet,the momentum of the online retail industry has continued to improve.In addition to the impact of the epidemic at home and abroad,the traditional physical retail industry has suffered a huge impact,with operating profits declining year after year,and enterprises have begun to seek transformation and opened a marketing model of online and offline co-development.As a representative of the traditional retail industry,Yonghui Supermarket has also been actively involved in the transformation of new retail,constantly exploring new business models and increasing capital requirements.Therefore,it is of strong practical significance to conduct a capital structure optimization study on Yonghui Supermarket as an example in this paper.The paper firstly introduces the concepts and theories related to capital structure,followed by a horizontal and vertical comparative analysis of the enterprise capital structure status based on the financial data of Yonghui Supermarket from 2017 to 2021,and finds that the enterprise capital structure presents problems such as poor stability of asset-liability ratio,imbalanced debt maturity structure,defective equity structure,and single financing method,and analyzes the reasons for these problems.Subsequently,with the objective of maximizing enterprise value as the research guide,the static optimal capital structure optimization model is used to find out the static optimal capital structure point,and on this basis,the dynamic optimization of capital structure is carried out by combining the internal and external influencing factors of the enterprise,so as to arrive at the optimal capital structure interval of Yonghui Supermarket.Finally,in view of the existing problems and causes,and combining the static and dynamic optimization results,the measures for capital structure optimization are proposed,which are enriching financing channels,balancing long-and short-term debt,improving endogenous financing capacity and optimizing equity structure.