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The Research on the Capital Structure and Its Strategy of Chinese Listed Companies in Steel Industry

Author: ZhouZuoLiang
Tutor: WangJinShan
School: Shijiazhuang University of Economics
Course: Business management
Keywords: Iron and steel industry Listed companies Capital Structure Strategy
CLC: F406.72
Type: Master's thesis
Year: 2009
Downloads: 453
Quote: 0
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Abstract


The modern development of the capital market in China has experienced, but 10 years is still in an immature stage, the appropriate capital structure research lags behind, but the importance of the study of the capital structure has become increasingly important Chinese scholars. Listed companies of China's iron and steel industry as a leader in the Chinese steel industry enterprise, and its capital structure is not reasonable, so the purpose of this paper is to find the goal of the optimization of the capital structure of listed companies of China's iron and steel industry, the principle of optimization and optimization of ways to help their practice . Articles tightly around the capital structure of listed companies of China's iron and steel industry and its strategic expand. First, the article the concept of the capital structure and capital structure strategy defined, then a brief review and summary of the capital structure theory and the empirical literature. Second, the article presents the goals of the enterprise value maximization as the goal of the optimization of the capital structure of the listed companies of China's iron and steel industry. Then, the article based on the trade-off theory model qualitative description of an optimal capital structure of listed companies in China's iron and steel industry, and then establish a quantitative test based on an econometric model of the relationship between enterprise value and equity ratio of listed companies of China's iron and steel industry in the Panel Data Model, prove that there is an optimal value of the capital structure of listed companies in China's iron and steel industry and a reasonable range of liabilities, and thus established a model of optimal capital structure of listed companies in China's iron and steel industry. Third, the article on the basis of the listed companies of China's iron and steel industry and a comparative study of some of the listed companies of the same industry abroad, put forward the principle of the optimization of the capital structure of listed companies of China's iron and steel industry as the destination principle, the principle of flexibility and development principles. Then, the article using principal component analysis and linear regression analysis of the factors that may affect the capital structure of listed companies of China's iron and steel industry empirical study, and came to the company size, profitability, growth, non-debt tax shield, ownership concentration conclusions showed a negative correlation with the capital structure. Finally, through goal planning, establishing strategic model of the capital structure of listed companies in China's iron and steel industry and has been a satisfactory solution, and ways of optimization of the capital structure of listed companies of China's iron and steel industry by an example: reduce current liabilities total liabilities the ratio to improve the level of utilization of non-current liabilities; remain relatively robust profitability; take full advantage of the non-debt tax shield, due to lower equity concentration.

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CLC: > Economic > Industrial economy > Industrial economic theory > Organization and management of industrial enterprises > Financial management and accounting > Financial management, cost management
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