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The modern theory of capital structure , the company's capital structure does affect the value of the company . However, the formation of capital structure is ultimately reflected in the company 's long-term financing activities . After a brief introduction on the basis of the early theory of capital structure , focusing on the modern capital structure theory of agency theory, the theory of signal transmission , the order of finance theory and control theory . On this basis, Ningxia listed companies as samples, selected in 1999 - 2003 the relevant information , Ningxia financing behavior of listed companies and their capital structure value for the enterprise , using statistical description , regression analysis and empirical analysis concluded : Ningxia listed companies prefer external financing , external source of financing Youyi debt financing as the main means of financing . The consequence is that the debt levels high , resulting in the decline in enterprise value . To seek ways to optimize the capital structure through empirical analysis to identify the main factors that affect the capital structure of listed companies in Ningxia : the decline in profitability , expansion of enterprise scale , and equity dislocation main factors affecting the capital structure of listed companies , but its outside of the root causes of both corporate and product structure, management mechanism and other factors such as policy, institutional , regulatory and other factors , there are internal . For the above findings , we propose that the Ningxia listed company capital structure optimization measures . Such as optimizing the ownership structure, strengthen shareholder oversight function , the establishment of incentive mechanism within the enterprise , the development of the corporate bond market , and actively promote the reform of the commercial bank system , improve listed company bankruptcy exit mechanism to relax the restrictions of equity financing and resource advantages bigger , stronger and improve product competitiveness .
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