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How to optimize the the the Listing Company of the our country capital structure

Author: LiShengLin From: www.yourpaper.net Posted: 2009-05-23 13:29:15 Read:
[Abstract] capital structure the operating performance of the and the listed company is directly related to, it not only affects the the cost of capital and the total value of of the of listed companies, but also affect the the the governance structure of of the listed companies as well as of executive 's conducts in, thereby affecting the economic growth and stability of the a country or region the overall. To optimize the Listed Companies' Capital structure a direct impact on its the quality and investment value of, and enhance the the the confidence of investors as well as the effective promotion of the the healthy development of of the capital market.
[Key words] Free Real Time Stock Quote-Listed Company Capital Structure Optimization

First, the the Introduction

The capital structure is to refers to the the the constitute and its proportion of of the the the value of of the enterprise various types of capital. The capital structure involves a listed companies the profits and risks of the the financial management in which the of the operates, a direct impact on its consolidated performance. In this paper, from the following aspects analyzed the how to optimize the the the Problems, and methods of of the the capital structure of listed Company.

Second, the Capital Structure Optimization of the evaluation criteria

To optimize the the listed companies capital structure, need a universally applicable standards to measure the. Modern capital structure theory holds that the the the the optimal capital structure of of of the enterprise is to so that it the market maximize the value of, this standard is the earliest is by the the Modigliani (Modi) and Miller (Miller) put forward, has now been widely to accept. Whether the this standard is suitable for the enterprise the actual of our country, the theoretical circles and practices sector In this regard conducted in-depth research. In our country, About the optimal capital structure of of the of enterprises is whether the the standard, there are the following ON SOME STANDPOINTS ABOUT.
1, the enterprise optimal capital structure of
of the is the so that the to maximize shareholder wealth of the capital structure
When the investors to invest in when of the enterprise, the hoping to get an the high level of the investment income, can be to obtain from the enterprise the the largest profit dividends, which requires the enterprise investment projects yield is higher than the the cost of capital, to enable enterprises to the net assets of reached up-to-maximum. But the the the generation of of the system of separation of of the of two rights (ie, the the right to operate of enterprises and to ownership separation may), in the the the course of business of the of enterprises, personnel of operations In order to to enable enterprises to to maximize the benefits, always hope that the be retained as far as possible the surplus, to achieve the preserving and increasing the value-added of of enterprise's capital, rather than to the shareholders or participation in profits or otherwise as little as possible dividends, in order to increase the of the retained earnings of the enterprise. Therefore, in the the under the the the goal of maximizing of shareholders' wealth, the shareholders do not release even if the investment from in the on high quality corporate to, also not be able to to enjoy the a generous sum of the investment income, this will certainly to combat the the confidence of investors, If things go on like this, the company's wealth growth will naturally be be affected.
2, the enterprise optimal capital structure of is to make the to the the The capital structure of
of the to maximize the corporate profits
The the the the profits of on the in the financial is to refers to the the the a total profit of in the the in the the enterprise income statement to, it reflects the the the operating results of of the enterprise for one year. From the the the the perspective of of the users and reading those who of view, are can only see the the the the operating conditions of in the enterprise less than one year, unless there is conducted in an consciously earnings trend of the analysis of, otherwise it is impossible took note of the the the the the past, the profitability of for the year position and future the profitability of. But that this profit - trend analysis, is usually caused by the performed by professional technician. Therefore, in the the when measure of corporate optimal capital structure of If the the the that year's income statement to the extent of of the enterprise is to focus only on, it is easy to ignore the risk, the significant impact on of the the cost of capital and the time value of money on the of Enterprise Financial Decision, to be ignored the of the the long-term interests of of the enterprise. In the the the of the modern enterprise of the the the the ownership and the right to operate of of the of enterprise capital reaches complete separation of years, the operating personnel in In order to of to maintain their own Vested profits, and the emergence to fight the equipment, fight of the the short-term behavior of of manpower means, to enable enterprises to the development of lack of stamina.
3, the enterprise optimal capital structure of is to make the to the the interests of the the related interests of those who to maximize the The capital structure of
The the stakeholders of enterprises is to refers to the investors, creditors, workers, the customer, suppliers and and so on on. The This mode is the the the enterprise maximize the value of of the enterprises in the the trade-offs the related interests of the interests of conditions under the. However, due to of the the enterprise the conflict of interests of among stakeholders, is is relatively large,, the the factors that that affect the the interests of all parties is is also very multi-, these to maximize the the the interests of of the relations between the a few aspects of people, but also to quantify the, in fact, is can not be done.
Perfect a sign of of the capital structure is: function is strong, various types of capital can play its due role; turnover is quick, in the the a variety of of the operating in's morphology capital be able to a faster conversion its morphology in turn; the value-added is multi-, through the an operating able to achieve more capital value-added; anti-risk, that can withstand the abnormal the case while the reduce losses or generate revenue to. The non--reasonable sexual performance of the the capital structure of the listed companies, is the the the result of joint action by the a variety of environmental factors.

Third, the optimize the the ways to of the the capital structure of listed Company

The The capital structure of of the of China's listed companies includes not only the the material capital, in the on the the equity capital, claims and capital, and and so on financial concepts should also include the human capital and and and other non-substances capital. Only by fully consciousness the the role played by by the Manager 's Human capital in the enterprise, in order to explain why the same enterprises the will produce different economic benefits for the operating by the different the operators of. In this paper, from the equity interest in structure, creditor's rights Structure, Human Capital three aspects put forward the optimize the of the ways to of the the capital structure of listed Company.
1, the Listing Company of the optimize the for shareholding structure of the
(1) perfect the the the the the issue of the appraisal system of of the shares of listed companies. Should be increased by to be listed on the stock market Company to issue new shares, issuance of the the the difficulty of of the the qualifications of the of new shares and rationed shares are, from the the the source on the control the the lay particular stress of the Listing Company the the tendency of of the equity financing. To the Listing Company of the let for according to the its own the actual operating the situation and capital market conditions, decided to whether to proceed with equity financing, and allowed to the afford on their own risk. With a with the an indicator of system to replace the a single the net assets of Rate of Return Indicators as a the Listing Company of the assessment to obtain the placement of shares of, the criteria for issuance of new shares, qualified for the of the of, so that to share capital of the capacity expansion more reasonable-sexual.
(2) specification the listing of of the the company's dividend distribution system. The Listing Company of the our country the dividend distribution system is not standardized, the dividend is lower, resulting in the the cost of equity financing is lower than the financing of Debts, the detriment the the interests of the the vast number of the Shareholders as a, and should therefore be standardize the the in Our Country - The the the dividend distribution system of the of listed companies in Our Country as. First is to strengthen on the the the requirements of disclosed by the information, For do not for distribution of dividends of the listed companies, the SFC should requires its in the the disclosed in the in the than such annual report the of the the specific reasons on of does not allocate is;, companies may list For Major Holders with, to a may request its disclosed in the in its annual report can be of the transferred to capital share -profit-distributing uses and direction of investment and other aspects of information. Second is to strengthen the the dividend distribution be legally bound by to our listed companies, should strengthen the on the the the the protection of of the dividends allocation request the right to; should be to strengthen the protection of the the interests of of the small and medium-sized investors.
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