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porate capital structure optimization factors of capital structure optimization policy.
Country through monetary policy, tax policy and influencing enterprise development policies to control the macroeconomic environment, but also indirectly affect the capital structure of state enterprises, the macro monetary policy transmission mechanism through the money supply and changes in supply and demand of funds, resulting in interest rate fluctuations. Such fluctuations in interest rates will affect the company's financial structure, and if a certain period of low interest rates on bank loans, capital structure, the relative proportion of debt capital will rise; Conversely, the proportion of debt capital will decline, tax policy decisions in different industries implemented at different rates, some of the income tax rate is very low in the industry, the role of little financial leverage, debt financing brings the benefits of tax cuts is not much, so the proportion of debt financing smaller is better, on the contrary, some of the higher income tax rate industry, the role of financial leverage greater debt financing brings benefits of tax cuts, the more, so these companies should choose debt financing than the major capital structure. Enterprise development, including environmental constraints of national laws, policies and constraints restricting competition in the industry and so on. Businesses can not finance, from what channels, what manner to raise the necessary funds are subject to the relevant national laws, industrial policy and competition in the industry extent.
Different industries have different characteristics, its operating, financing, competition and suffered the impact of other aspects of national policy there are differences, so its capital structure will also be presented differently. These differences impact on capital structure mainly: First, the different composition of capital in different industries. The level of corporate capital structure, depending on the characteristics of the production and operation of enterprises, industries with high capital formation, economic scale capital investment required higher starting point; otherwise low. Second, the industry life cycle are different. During the same period or different periods, different stages of the life cycle of the industry there are differences. Even in the same period, at the same stage of the life cycle in different industries have different operating risk level. Third, the different industries and the barriers and low ranges, industry concentration differences. The higher the concentration, the weaker competition, companies can more more debt. Fourth, the competition in the market in different industries in different environments, even in the same macro-economic environment of the enterprise, the market environment due to their different levels of their debt should not be generalized. In general, if the business industry in which competition is weak or a monopoly, such as telecommunications, electricity, water, gas and other enterprises, the problem does not occur as sales, production and operation will not produce large fluctuations, profit stable growth, therefore, may be appropriate to increase the debt ratio; Conversely, if the degree of competition in the industry in which the firm is strong, such as household appliances, textiles, real estate, etc., because of its sales entirely determined by the market, the price is easy to fluctuations in t本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。