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英国essay代写:The capital structure

2018-06-11 | 来源:51due教员组 | 类别:Essay代写范文

本篇essay代写- The capital structure讨论了资本结构。资本结构对企业影响最突出的表现是公司的价值体现和效益成果,不同行业决定该行业资本结构大不相同。如果想要提高某行业上市公司的企业经营绩效,就要对该行业的各公司资本结构进行优化。但因为不同行业公司绩效被企业资本结构影响的因素存在较大差异,所以要必须着重提高正相关因素,降低负相关隐私。本篇essay代写51due代写平台整理,供大家从参考阅读。

capital structure,资本结构,essay代写,代写,paper代写

How to plan the capital structure is a hot topic and frontier for researchers in the world's financial field and financial management. The most prominent manifestation of the influence of capital structure on enterprises is the value embodiment and benefit achievement of the company. Most enterprises in China have unreasonable capital structure, which leads to defects in corporate governance structure and ultimately leads to the company's development disjointed and deviated from the track of unhealthy growth. At present our country listed company's internal and external environment is a big hidden danger and cracks, so choose this aspect to do empirical analysis can keep up with the trend of The Times can understand the current economic environment and the development of listed companies in our country, have great significance for its healthy development.

The financing channels of China's listed companies mainly rely on bond stock market financing and bank loan financing. Emerging market advocates of capitalism is equity, namely the ship companies and Banks, Banks of money with a stake in the situation to the enterprise, the shares of companies won't bring pressure to the enterprise development, enterprise considerable development, the enterprise will share out bonus dividend Banks will naturally benefit and quit, but if the enterprise risk, Banks must also face the risk together, it can rise to adjust economic growth, make enterprise sustainable development. Before our country most of the listed company creditor's rights, which is a kind of unreasonable capital structure, there is a big risk, enterprises have the forward concerns did not dare to try, so as to affect the economy development and innovation, make our all aspects of comprehensive lag behind? Lda's western countries, this is a vicious circle. Therefore, we are committed to studying what factors of the capital structure will affect the company's performance, establishing a reasonable capital structure, and putting forward practical Suggestions.

The standards for tax breaks on their investments vary from industry to industry. Through the study found that medical manufacturing, food processing industry, instrument production, the large motor leverage generally is not high, and high leverage industry is the industry conjunction degree is high, such as food safety, railway km, reinforced concrete, metallurgy, shipbuilding and other industries. Different industries determine the capital structure of this industry is very different, and the industries with the highest leverage are monopoly industries subject to state macro-control, such as telecommunications, water conservancy, hydropower, oil and gas.

Relative to the success of excellent enterprise, their cash flow is more abundant, bold can consider to buy other companies to expand their business, also can tend to issue more debt financing. Thus it can be seen that the profitability of enterprises and the issuance of bonds have the same relationship. In terms of financing costs. The higher the company has the right to own the property, the higher the capital division of equity and capital benefit shows that the public business is in a better state, so the profitability of the enterprise is inversely proportional to the debt ratio.

The factors that are positively related to the optimal liabilities of an enterprise are income tax rate, asset liquidation result and enterprise size. In this regard, companies in bankruptcy, the value of the company has been falling slowly, directly affect the cost of bankruptcy, factors which are caused by the other perspective, stocks and bonds issue costs, such as long-term debt and short-term debt, so large enterprises in order to reduce the production cost more to avoid the accumulation of debt, reduce the negative assets debt ratio, and small-scale enterprises tend to send coupons for short-term debt financing.

The expected increase in total assets is negatively correlated with the long-term liabilities of the company. But in the growth of emerging industries, enterprise growth fund in constant expansion, so the total assets growth rate is generally higher, high risk and high returns, easy to bankruptcy risk, so the enterprise's total assets growth rate was positively correlated with the bankruptcy rate.

Total asset turnover, inspects capital operation efficiency are important indexes of total asset turnover, which can partly reflect the enterprise to the total assets of efficiency is reasonable, whether the regulatory governance standards, is to a certain extent affect the corporate performance, will be a subtle impact on the company's capital structure.

Non-debt tax avoidance measures refer to depreciation rather than debt to achieve reasonable tax avoidance. Companies that compare their liabilities often use depreciation and allowance against losses and other measures to replace the liabilities generated for financing.

Generally, the capital structure, size and turnover rate of total assets of the company are positively correlated, and negatively correlated with the growth rate of total assets and profitability. There is a positive correlation between company size, total asset turnover and capital structure. Further, the larger the company is, the stronger its ability to profit from existing assets and the stronger its ability to repay debts. ,

The trade-off theory suggests that companies with better profitability are more likely to make more profits by borrowing to reasonably avoid taxes. Therefore, asset-liability ratio is positively correlated with profitability. There is a negative correlation between asset-liability ratio and profitability in energy, real estate, raw materials, finance, medicine and other industries.

Large - scale listed companies have good business performance. In general, corporate performance is positively correlated with company size, total asset growth rate and profitability. Such as energy, public utilities, raw materials, finance, real estate, medicine and other industries.

A higher growth rate of total assets corresponds to a higher profitability. This indicates that the enterprise has a good growth performance and has more cash flow to circulate.

If we want to improve the business performance of listed companies in an industry, we should optimize the capital structure of the companies in that industry. However, due to the large differences in the factors that influence the performance of companies in different industries by the capital structure of enterprises, it is necessary to focus on improving the positive correlation factors and reducing the negative correlation privacy.

Capital structure and corporate performance of listed companies of different industries may have positive correlation there are likely to be negatively correlated, but most are negative correlation, the factors of only a handful of cases will produce positive correlation factors. Enterprises with low asset-liability ratio have high performance. On the contrary, companies with high asset-liability ratio generally have poor performance. Different industries on the capital structure on corporate performance the reaction of each are not identical, the industry of our country part want to alleviate the pressure of the funds through bond financing of listed companies to improve enterprise performance, but the effect of feedback is bad, so the capital structure on corporate performance will present negative correlation relationship. Therefore, as far as China is concerned, there is no single best capital structure scheme to improve enterprise performance from the perspective of capital structure.

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