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The Research on Relationship between Capital Structure and Enterprise Value in Listed Companies of Construction Industry

Author: PanPengFen
Tutor: LiuYouFu
School: Changsha University of Science and Technology
Course: Accounting
Keywords: Construction Industry Capital structure Enterprise value
CLC: F426.92
Type: Master's thesis
Year: 2011
Downloads: 65
Quote: 0
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Abstract


With the rapid development of construction enterprises in our country, its profession market operating mechanism also gradually formed. It’s position in national economy has become more and more important. During the period of Twelfth Five-year, about 1 million kilometres, value 9 billion yuan of high speed rail project , 1 trillion yuan rail traffic facility project will be invested, and government’s support for construction of subsidized housing and urbanization.All of above provide a good development platform for the construction enterprises. But construction enterprise survival with a much risk market environment, facing with a variety of existential crisis, when the macro environment and policy bring opportunities to building enterprise, also bring serious challenges and pressure.In addition,the current architecture enterprise’s capital structure and governance structure is not perfect, all of this make the manager must be carefully of use various investment opportunities, avoid various risk. What more important is that they should try to optimize the capital structure, the promotion the level of management.Capital is the source of enterprise ,so ,the capital structure is a primary standard to measure the value of the company and the structure of governance.The listed enterprises of construction is the strong performer in this industry.So,this article choose the listed enterprise’s capital structure as the research object.The paper’s purpose is to study the relevant relations of capital structure and enterprise value in the listed construction enterprises.Through the normative research found that the projects of construction enterprises have following characteristics: large scale,long cycle , not mobility.Enterprises’ development are associate with macroeconomic policies, regional economic development level.In financial management pay more attention to the risk control, investment feasibility analysis and operating funds management. According to the theory of capital structure and the characteristics of financial management features on the construction enterprise,discusse the relationship between capital structure and enterprise value.After analyses ,found that the current capital structure of the industry has following problems: high debt ratio,high financial expenses,single channel of financing.In order to solve this problem,select the asset-liability ratio, current debt ratio,bank loan leverage and commercial credit leverage to represent capital structure, select rights net interest and tobinQ to represent the enterprise value,use SPSS soft to analysis the established model , get conclusion: exist a optimal capital structure make the enterprise value maxim,but the appropriate asset-liability ratio is above 50%, which we usually said, most listed building enterprise in the asset-liability ratio are not the optimal range . Finally, give proposal to solve existent problems in the view of the construction enterprise. Finally, give proposal to solve existent problems in the view of the construction enterprise.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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