Author(s)

Ziyi Yang

Corresponding Author

Ziyi Yang

ABSTRACT

The capital structure of the enterprise has great influence on the market value and capital cost of the enterprise. At the same time, the quality structure of the enterprise plays a very important role. On the basis of the research status at home and abroad, this paper defines the connotation of capital structure, analyzes the influencing factors of capital structure, and introduces the theory of capital structure optimization. Taking Maotai of Guizhou province as the object of study, this paper analyzes the current situation of Moutai's capital structure from the three angles of debt ratio, debt structure and equity structure by analyzing the financing mode of Moutai Company and the data of the assets structure table in the last five years. On this basis, the method of comparative analysis is used to select the same It is found that there are some problems in the capital structure of Guizhou Moutai joint-stock company, such as low debt ratio, unreasonable debt structure and single equity structure. Then through the monetary policy, taxation, corporate governance and management behavior and other factors, in the macro, industry, self-management three levels of analysis of the causes of the problem. Finally, combining the causes of capital structure problems with financial reporting, this paper puts forward specific optimization measures to improve capital structure optimization management ability, improve corporate governance, broaden financing channels and strengthen internal control. It is hoped that the capital structure of Moutai in Guizhou can be optimized.

KEYWORDS

Capital structure, Optimization, Corporate governance