Capital structure refers to the com

Capital structure refers to the composition and proportion of various long-term capital sources of an enterprise. Generally speaking, corporate capital consists of long-term debt capital and equity capital, and capital structure refers to the ratio of long-term debt capital to equity capital. Capital structure theory is one of the three core theories of western financial management theory. The starting point of modern capital structure research is MM theory. The research on capital structure mainly focuses on two aspects: one is the mainstream capital structure theory based on MM theory, which mainly studies the relationship between capital structure and corporate value; the other is the school of determinants of capital structure based on MM theory, which mainly studies capital structure Influencing factors.Since the reform and opening up, with the gradual improvement of my country's capital market, the scale of business operations has been continuously expanded, and the management level has been continuously improved. More and more companies have chosen to go public and raise funds through the issuance of stocks. However, since my country's market economic system has not been established for a long time, and the related stock market has only a dozen years of development history, the research on the capital structure of listed companies in my country is still in its infancy. As my country’s listed companies have increasingly become an indispensable and important part of Sunshine’s economic activities in my country, the number of listed companies continues to increase and their impact on the national economy, studying the status quo of the capital structure of listed companies will not only benefit their own value To maximize, it can also grasp the speed of the entire national economic development, and can also further deepen research and exploration. At the same time, it is of great significance to promote the synchronization of domestic economic theory with international research, and to improve and perfect my country's capital market system.