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致谢
转眼间，我大学毕业论文写作的工作已经完稿。回想这几个月的写作历程，我的心久久不能平静。还记得从得刚开始接触到论文题目，到确定论文写作方向时候的迷惘。是我尊敬的张本越导师给予了我亲切的关怀和悉心的指导。他严肃的研究态度，严谨的治学精神，精益求精的工作作风，深深地感染和激励着我。使我把握了论文的整体思路，写作方向和写作重点，进而顺利的完成了写作工作。在此我向张老师致以诚挚的谢意和崇高的敬意！借此机会，还要感谢大学四年中，我所有的任课老师。他们在这四年间对我的教诲与帮助，我永远都不会忘记。这次本文能够最终顺利完成，应归功于老师们的热心知道，使我能够很好的掌握专业知识，并在顺利完成论文中得以体现。最后我要感谢我的亲人和朋友，是亲人含辛茹苦把我抚养成人，是朋友在百忙之中给我鼓励并且提供必要的论文资料。
随着毕业论文写作的完成，我的大学生活也即将结束，我要感谢在我人生中最美丽的四年里出现并给予我无私帮助的朋友与同学，谢谢你们四年来的关照与宽容，与你们一起走过的缤纷时代，将会成为我一生最珍贵的回忆和人生财富。
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参考文献
［1］ 郑长德.企业资本结构：理论与实证研究［M］.中国财政经出版社，2004，
112-117.
［2］ 吕娜.试析资本结构的评价及优化［J］.理论界，2006，（12）：17-18. ［3］ 张玉明.企业资本结构的动态优化管理［J］.商业经济与管理，2006，（12）：
27-29+103-112.
［4］ 刘怀珍.如何优化企业资本结构［J］.当代经济，2007，（5）：51-52. ［5］ 王敏.企业资本结构优化探讨［J］.商场现代化，2007，（15）：21-22. ［6］ 刘峰，卢绪海.如何优化企业资本结构［J］.合作经济与科技，2007，（24）：
52-54.
［7］ 靳远文.优化我国企业资本结构的对策［J］.现代企业，2007，（6）：33-35. ［8］ 孙楠.浅论企业的资本结构优化［J］.科技信息，2007，（11）：5-9.
［9］ 孙铮，刘凤委，李增泉.市场化程度、政府干预与企业债务期限结构－来自我
国上市公司的经验证据［J］.经济研究，2005，（5）：63-64.
［10］Anthony Kyereboah-Coleman. The Impact of Capital Structure on The
Performance of Microfinance Institutions［J］.The Journal of Risk Finance,2007, 8(1): 56-71.
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附录
Western Financial Theory after 40 years of continuous exploration, development theory from the net income, net operating income, such as early theories of capital structure theory to the recent theory of asymmetric information, has experienced a gradual formation of the continuous development and improvement of the process, is now directly penetrate into China's financial theory and financial practice. Western theory of capital structure due to the impact of a balanced economic theory of capital structure-loving sense of balance, keen on the \the best capital structure decision-making criteria, to determine methods, and establish a number of mathematical models to try to find an optimal capital structure point.
The theory of our country's financial capital structure of Western theory, but also the emergence of a large number of the best capital structure research, but the company's capital structure is extremely complicated for the following reasons: (1)The capital structure of enterprises affected by many factors. Generally be divided into external factors and internal factors. External factors include: the different socio-economic environment and conditions; industries in which the situation of enterprises; the operation of financial markets; business owners, operators and other creditors and to the size of the risk. Internal factors include: future sales growth rate of enterprises and stability; (2) the structure of enterprises and investment capacity; the level of corporate profits and dividend policy; the use of funds structure; management staff of power and risk-to-business attitude. Affect their capital structure so many factors, so that both the theory and in practice, we are very difficult to accurately quantify the optimal capital structure point.
Each industry, each company's capital structure is not static, corporate capital structure is a highly dynamic, scalable, open and innovative movement system. Over time, changes in the capital structure will change the capital structure of enterprises must focus on the coordination of movement, in the changes in selectivity, a simple mathematical model based on static to the best capital structure is derived is of no practical significance.
For these reasons, simply find the best capital structure theory is futile to speak of no practical significance. For the current situation of Chinese enterprises to seek the best range of capital structure to find the best capital structure than the point of more practical significance. The capital structure of Chinese enterprises are mostly irrational and difficult to show, therefore, to establish early-warning model is similar to the financial evaluation of capital structure model to determine the optimal capital structure for the interval and evaluate the capital structure of Chinese enterprises is particularly important situation. Model of the West can learn from financial theory of capital structure theory the results of the study. After the Western theory of capital structure determinants of capital structure on a large number of studies, is generally believed that the following nine factors determine the formation of corporate capital structure: the income tax rate; by non-tax liabilities; the value of the pledged assets; growth; properties; Liye types; Enterprise scale; volatility; profitability. Which we can combine our country's reality, the decision to identify the capital structure of Chinese enterprises to establish the formation factor of capital structure of Chinese enterprises evaluation model. It should be noted that the capital structure of the evaluation model is not a once and for all, and in the process of application but also its
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ongoing revision and improvement; In addition, the quantitative evaluation of capital structure is necessary, but not over-emphasize and exaggerate it Quantitative evaluation function, in practice, combined with the work of non-quantitative factors must be analyzed and evaluated.
Western-depth analysis of capital structure theory, we can easily find, Most of the theory that the order of capital financing for the internal financing →Debt Financing → Equity Financing, and reflect the situation of China's capital structure, it is contrary to the theory of capital structure of the financing options. Extraordinary enterprise in China is a listed company, we prefer to issue bonds rather than equity financing financing, led to such results can be described as a variety of reasons, but mainly internal factors and external environmental factors: internal factors is internal governance structure and the efficiency of the impact of property rights, in the current corporate governance structure of China's unreasonable, internal control, the business management personnel have a choice of preferred equity financing, and how to build the structure of China's corporate governance, internal control, management personnel to the operator to provide an effective incentive and restraint mechanisms for the elimination of corporate equity financing is a fundamental way preferences. At present, China is planning to introduce a listed company in the establishment of an independent director system and the measures being implemented to reduce the state-owned shares and the flow of the internal control, improve corporate governance structure in China is undoubtedly a great help.
Stimulate enterprises to issue bonds of the external environment is financing the development of bond markets and improved. China's bond market development constraints due to the following three aspects: the supply of corporate bonds; corporate bond demand; corporate bonds extremely weak liquidity. For the above reasons, we believe that the following aspects should be to promote the development of China's bond market, which bond financing for Chinese enterprises to create a favorable external environment.
1.Improve China's corporate bond credit rating system. Notes the impact of the credit rating is an important factor in bond issuance, a standardized system of credit rating to issue bonds to an important guarantee for the smooth. China's bond credit rating system is a bit confusing, and corporate bonds to take the voluntary rating, the rating agencies their own way Our charter legislation; the lack of compulsory bond rating, it is the lack of necessary supervision of corporate bonds, resulting in a large number of junk bonds into the market, damaging the the interests of investors. Therefore, in order to China's corporate bond issuance, on the one hand, as soon as possible to develop a unified rating system and evaluation methods to ensure the scientific nature of ratings, impartiality and consistency; on the other hand, must take a mandatory rating methods, and credit disclosure levels.
2.The establishment of a monitoring system of corporate bonds, a sound system of enterprise bankruptcy liquidation. The establishment of a monitoring system of corporate bonds, corporate bonds to strengthen governance, the maintenance of a good bond market plays a vital role in running. Notes monitoring system on the one hand, the bond rating agencies to conduct regular follow-up monitoring, abnormal situation should be promptly reported to the approving authority bonds; On the other hand to deal with approval to carry out supervision and inspection of corporate bonds, debt collection issue and trading enterprises, as well as the use of funds arrangements and bonds to repay the interest due
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status, standardize enterprise behavior of bonds. Improve the liquidity of the bankruptcy system can be effectively bound by enterprises to safeguard the interests of investors in the debt, thus contributing to the organic operation of the bond market.
3. Strengthen the liquidity of corporate bonds. China's corporate bond market is not living, to a large extent is lack of liquidity of corporate bonds. To resolve the issue of corporate bonds in circulation is to develop the most urgent task of China's corporate bond. First, countries should implement market-oriented interest rate and gradually opening up the transfer of the flow of the bond price; Secondly, the increase of the varieties of corporate bonds, in order to meet the different needs of different investors, the project can be designed such as bonds, long-term bonds, convertible bonds and discount bonds , floating-rate bonds; Third, the development of corporate bond market. Distribution market, the transaction can not be separated from the development of the market, the two are closely linked and both are indispensable. Improve the existing counters in the form of the transaction, the transaction may be the progressive development of the network; both spot transactions, as well as futures.
China's state-owned enterprises, most of the capital structure is not unreasonable is a fact, it has become China's state-owned enterprises is essential for survival and development factors, therefore, state-owned enterprises to optimize the capital structure will have a direct decision of China's state-owned enterprise reform process and effect. Optimization of capital structure there are many ways, we have more research than is the stock of capital structure adjustment and incremental adjustments, I would like to here from the optimal ownership structure of state-owned enterprises in China to talk about the optimization of capital structure.
Shareholding structure of the optimization is an optimization of capital structure, the shareholding structure of the optimization to be a reasonable corporate governance structure could be improved to improve the management efficiency and enterprise value. Miller, a well-known financial economist to choose the structure of corporate governance as the main strategy of enterprise reform. Enterprise Value is a function of ownership structure, ownership structure more rational, more efficient corporate governance, the greater enterprise value. According to statistics, the current shareholding structure of listed companies in China, the country shares about 36%, the proportion of social legal person shares is about 26%, the proportion of outstanding shares is about 26%. Generally speaking, social legal person shares, the equity shares are distributed among the different economic agents, compared with the concentration of state-owned stake in dominant form, \performance of the company share of the relevance of the empirical analysis shows that: relatively speaking, the performance of state-owned shares in the company's contribution is not high; institutional investors on corporate governance to improve the structure of a certain active role; public shareholders on the performance of the company have no significant effect. This shows that China's ownership structure of listed companies is unreasonable it is unreasonable ownership structure, resulting in the governance of listed companies of China's inefficiency, the enterprise value of the damage. The formation of such an unreasonable because the shareholding structure of listed companies in China the vast majority of existing state-owned enterprises have been listed after the shareholding