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Research Back Ground

Since the 1950s, capital structure has been one of the three main themes in Financial Management (Titman & Wseeels, 1988). The reason why the capital structure obtains much attention is because it relates to corporate capital raising, management and distribution of benefits and other links, is an important indicator to reflect the capital strength, is an important measure of business solvency, and also is the starting point and destination for inspection of corporate financial risk and funding decisions. Therefore, capital structure is a modern enterprise "genes." Reasonable capital structure helps to improve their market value, will help rationalize corporate ownership and control, is conducive to a reasonable solution of corporate governance structure, and will help reduce the risk of bankruptcy.
Since the inception of the MM theory, many scholars have conducted a large number of theoretical and empirical research, making the theory of capital structure is more realistic conditions. The research based on capital structure of listed companies focused on two aspects: First, focused on the relationship between the capital structure and corporate value; second, focused on the factors affecting capital structure. In the study of factors affecting capital structure, foreign empirical studies have shown that the company's profitability, size, asset collateral value, growth, tax rate, non-tax debt, ownership structure and other factors affect the choice of capital structure. In China, the securities market started late, the system has its particularity. Thus, the capital structure of listed companies in China do not have the same characteristics with foreign companies, the impact factors are also more complex.

ABSTRACT

 By using a large number of statistics, from the overall situation, debt financing and other aspects, described the status quo of capital structure in China's automobile industry. On this basis,financial management it introduced the capital structure theory results, explored the major factors affecting the capital structure of listed companies in the automotive industry, and using the multiple linear regression analysis built the capital structure decision-making model, tried to determine the direction of capital structure optimization, to guide reasonable arrangements for corporate financing and capital structure optimization.

Table of Contents

Table of Contents 4
Chapter 1 Introduction 6
1.1 Research background and significance 6
1.2 Aim & Objectives 7
1.3 Structure of this dissertation 8
Chapter 2 Literature review 10
2.1 Macroeconomic factors and capital structure 11
2.2 Industry factors and capital structure 13
2.3 Corporate identity factors 17
2.4 Corporate governance factors 22
2.5 Characteristics of China's automobile industry 26
2.6 Characteristics of the capital structure of listed companies in China's automobile industry 28
2.6.1 The low overall level of debt ratio 28
2.6.2 Irrational liability structure and high levels of current liabilities 30
Chapter 3 Research design and methodology 32
3.1 Research philosophy 32
3.2 Research methods 33
3.3 Theory and hypotheses 34
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