| With the development of economic globalization and e-commerce,logistics costs hav e become an indispensable expense for companies,while establishing self operated logistic s is time-consuming and labor-intensive,resulting in third-party logistics that is independe nt of both supply and demand.After nearly 30 years of development,the logistics industry has become an important support point for China’s economic development.In the future,th e logistics industry will transform from "becoming bigger" to "becoming stronger".In the past three years,the logistics industry suffered a cold winter due to the COVID-19.In orde r to meet their own business needs,logistics companies increased the pressure on debt,incr easing the company’s financial risk and bankruptcy risk.Now that the economy is recoveri ng,the logistics industry should seize the opportunity to reduce financing costs,leverage fi nancial leverage,and improve enterprise value by building a reasonable capital structure.I n this context,this paper studies the capital structure adjustment behavior of YT Company in the logistics industry based on its financial situation and financing characteristics,deter mines the optimal capital structure range of the company during the dynamic adjustment pr ocess,and proposes measures to promote the company’s capital structure to approach the ta rget structure,providing reference for company financing decisions.The theoretical basis of this paper is the theoretical research results of capital structure at home and abroad,such as MM theory,financing prioritization theory,etc.,which recog nize the existence of an optimal capital structure in the actual operation of a company as th e premise and aim to maximize the value of the company.Select YT Company,a typical re presentative in the logistics industry,as a case company,and conduct in-depth analysis of YT Company using four methods: literature analysis,comparative analysis,case analysis,a nd entropy weight method.Firstly,explain the research background and significance of the paper,list and summarize the theoretical research results of domestic and foreign capital st ructure;Then,through analyzing the financial data of YT Company from 2017 to 2021,we can gain an understanding of the overall operating situation of the company;After that,the capital structure is divided into three parts: debt structure,equity structure,and financing s tructure for horizontal and vertical analysis to analyze the existing problems in the capital s tructure of YT Company;After that,the optimal capital structure interval of YT Company is determined by combining the quantitative capital structure model and the entropy weight method with the most comparative results of ten companies in the same industry;Finally,f rom the perspective of the optimal capital structure range,measures are proposed to promo te the adjustment of YT Company to the target structure. |
