**value of**, empirical results show that both are existence of inverted U- the correlation between the of the-shaped, the the value of of the optimal capital

**structure**of of the Company lower than the international the level of, the the actual assets of of the a substantial percentage of the companies covered liabilities high rate of As at the optimal value of, so

**the company**improve the performance is and thus enhance the the the choice of of the the value of the company is: to reduce the asset-liability ratio or increase the liabilities that the efficiency in the use.

[Key words] capital structure value of the company asset-liability ratio Return on net assets

Introduction

Capital structure refers to to the is the the the the the constitute and its proportion of of the relationship between of of the of enterprise capital. The concept of different to the the different formation of of the of the the concept of capital understanding of The capital structure of. The generalized capital refers to the capital that all the funds sources of of the enterprise, the equity capital of the the the source or enterprises of of long-term funding of the the narrow sense are included in the capital refers only to the enterprise of the. Refers to by the the capital structure on the the in the broad sense is the debt the the proportion of of the capital with the equity capital the relationship between in the the enterprise sources of funding, a more and meticulous definition of is the in the short to medium term in the enterprise sources of funding debt, long-term debt, Preference shares, ordinary shares respective the proportion of. The capital structure of in a narrow sense refers to the long-term debt the the proportion of of the capital with the equity capital or refers only to the capital structure of the equity interest in. The the definition and their indicators of of on the the purpose for which the capital structure of the research different to use The capital structure of is are also different. In this paper, will use the the The capital structure of the concept of of the generalized.

On the the the research results of the the problem of capital structure can be described as immense number of books, numerous,, but it boils down, the main problems of They studied the: First, the the the existence of for the current the analysis and optimal capital structure of the on the the the impact of factors of the capital structure of the problem; Second, the relationship between the is Capital Structure and Corporate the value of problem , that is, the between the the Capital Structure and the value of the company whether the there is a related the relationship between, If there are dependent the relationship between, is positive correlation still negative correlation, or nonlinear-related the relationship between. While the the essence of the these two issues still Capital Structure and Corporate question of the relationship of the value of. If the the capital structure does not affect the the the value of the company that just do not care the a problem of the the choice of of the optimal capital structure of. About the the the relevance of of the Capital Structure and Corporate value problem, existing research at home and abroad whether it is both the theory research or Empirical Analysis of derived from the the different angles the different points of view.

The One point of view is to to Capital Structure and Corporate value of has nothing to do. Who hold this view studies were mainly conducted theoretical derivation, such as traditional the net place of business a theory holds that the by the income (Net Operating Approach, NOA), If it is assumed that the cost of debt is a constant, but the cost of equity then the not unchanged, in because to With the liabilities the increase in, the risk of Company borne by increases, the the the then the of shareholders to demand a rate of return should also increases. Therefore The average down, the company's the cost of capital has not changed, is a constant, decided to that the the real the elements of to the value of the company is the net operating income. MM the opinion of the Theorem, If the the investment and financing policies of the the company's is relatively independent of the, there is no Company income tax and personal income tax, there is no the risk of bankruptcy, capital market the full and effective running, then the the company's capital structure with its the market value of of has nothing to do, the The capital structure of of the, which is also the Company's choose not to affect the company's the market value of. But so far, has nothing to do On the also did not get the the proof of of the An Empirical Study.

Most of the the existing An Empirical Analysis of support the the another kind of point of view to ie, the Influencing Capital Structure of the value of the company. But the on the the the the correlation between the of the Capital Structure and Corporate value, the different Theoretical and Empirical Study but also come to the with that different points of view themselves, sum up, there positive correlation, the negative correlation and the inverted U-shaped the relevant three kinds of point of view. To support the a positive correlation point of view the was first seen in net profit the theoretical (Net Income Approach, NIA), the net profit theory the view that the, the company use of bond can be reduce the company's consolidated the cost of capital, Therefore, the the liability funds of the enterprises to take advantage is is always favorable. This is the the a liabilities the more multi-, the higher the the value of the company point of view. This point of view assume that the company in the access to funding on the the the quantity and sources of of of are not subject to restrictions. So, 12 months ending 2011-12-31 12 months ending 2010-12-31 12 months ending 2009-12-31 12 months ending 2008-12-31 Net Income theory holds that the, liabilities amounted to 100% is the the the best capital of structure of the enterprise. In In addition, the the Modigliani and Miller (1963), Brennan and Schwartz (1978), MasuliS.Ronald.W (1980), Masul15 (1983), Long and Maltiz (1985), LxamiChnadBhnadari (1988), and and so on on, respectively, in the Theory and The empirical point of view proved that the Capital Structure and the value of the company positive correlation. The domestic Some academics have also to to do in order to the the the financial data of the different periods of of the the Listing Company of the our country Empirical Analysis of the conclusions of the come to Capital Structure and Corporate positively related to in the value of. Such as Wang Juan and Yang Fenglin (1998), Liu Ming, Evan KL Yuen is (1999), Hongxi Xi, Shen Yi-feng (2000), Wang Juan, Yang Fenglin (2002), LV Changjiang, Wang Kemin (2002), and and so on on prove from different angles that a the positive correlation of the all point of view. Considers that the Capital Structure and Corporate value of in the second point of view of negative correlation, that is, the the the improvement of of the financial leverage of the Company will reduce the the value of the company. , Abroad may list in support of the the point of view of the with study has proposed by by the Myesr and Mujluf in (1984) Pecking Order in theory, Fr1end and Lang (1998), Titman and Wessels (1998), Rajan and lingales (1995), Mohd, PeryrnadRimbye (1998), Smierly, and Li (2000), and the the, etc. Related. Study on. Domestic research mainly include: Lu Zhengfei (on 1996), study found that the overall rate of of corporate liabilities in China the high side, at the same time showed the following characteristics: (1) the liabilities rate with the enterprise the scale of negative correlation. (2) the-liability ratio with the the the income rate of negative correlation. The, the the profitability of enterprises-and liabilities of the ratio a significant negative correlation, the Lu Zhengfei, Xin Yu (1998) found. In Li Shanmin, Su Bin (1999) of the study found that, showed a a significant negative-related the relationship between in the the the the loss-making companies, the the total liabilities of for the rate of with the enterprise of Return on net assets, short-term-liability ratio. Pinggen Fu, Wulin Jiang, Liushi Yan (2000), in scenic, Zhu Shaolian wake up, Jian-Zhong Wu (2000), LV Changjiang, Hanhui Bo (2001), etc. studies have reached the a consistent the conclusions of. Third view think that the asset-liability ratio with the value of the company into a the related the relationship between of the U-shaped. Yanzhi Yong, Chen Xiao sword (2002) with a principal component analysis method calculated real estate company the Performance Comprehensive indicators of with the the asset-liability ratio and long-term-liability ratio for regression analysis concluded that: enterprise the results and Capital Structure of is closely related to, but is not a simple linear relationship between the, but to learn to be satisfied with binomial relationship, When the when the gearing ratio is low, the, improve the the liability rate of, to contribute to the the improvement of of results of operations, When the the liabilities rate reached the after a certain the degree of, the, improve the the liability the level of, will reduce the the enterprise results of operations.

From the the the existing the research results at home and abroad of view, empirical research support the the there is a related the relationship between point of view in the between the Capital Structure and the value of the company, but in the different countries, the by differences in capital structures within the scope of of the different industries, different the enterprises of the period of development, capital structure with the company exhibit different linear relationship between the in the results The between the is. The the past, An Empirical Study on of the based on the domestic either recorded in the in order to the all the listed companies for a sample is either in order to a particular industry as a sample, in order to the all the listed companies for the the a sample the analysis of will be ignored the effects of brought about by in industry factors, while the in order to the of a certain industry for the analysis of a sample but also There are is indeed suspected of as it fails to address the whole picture, so, the the This paper attempts to An in the on the the the basis of of excluding industry factors affect the in order to of the present All non-ST-the non-financial insurance class listed companies for the sample to carried out regression analysis, at the same time respectively, in order to the three industry data carried out regression analysis, the overall sample of the contrast a specimen of Analysis and industry analysis of are the similarities and differences between, and this as the basis to put forward the optimizing the countermeasures of the capital structure of the the Listing Company of the our country.

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