Capital structure optimization research paper, think it is easier to write. After all, we can combine the relevant reforms of some world-renowned big companies and find specific cases to explain them. The optimization of enterprise capital structure refers to the process of rationalizing its capital structure and achieving the set goals through the adjustment of capital structure. It is of great significance for enterprises to implement the strategic management of capital structure optimization, so that enterprises can establish a modern enterprise system with clear property rights, clear rights and responsibilities and scientific management in the process of capital structure optimization, and optimize the formation of corporate governance structure on the basis of clear property rights. For the listed companies of joint-stock enterprises, it is also very important to establish a reasonable corporate governance structure in the process of optimizing the capital structure, so that the restraint and incentive mechanism can play an effective role and promote enterprises to maximize enterprise value. (1) external factors 1, and the degree of development of the country. Countries with different levels of development have different capital structures. Compared with other countries, developing countries have the following obstacles in the process of capital formation, capital accumulation and capital restructuring: First, the economic development is backward, the living income level is low, and the source of capital flow is withered. Second, developing countries have insufficient savings, imperfect financial institutions and underdeveloped financial markets, so it is difficult to effectively convert scattered and sporadic savings into investment and then form capital. In developed countries, sound, sound, complete and healthy financial organizations and capital markets play a very important intermediary role in ensuring the organization and pooling of savings, so that they can be smoothly transformed into investment. 2. Economic cycle. Under the condition of market economy, the economy of any country is in a cyclical cycle of recovery, prosperity, recession and depression. Generally speaking, in the period of economic recession and depression, due to the overall economic downturn, many enterprises are struggling, and their financial situation is often in trouble, and may even deteriorate. Therefore, during this period, enterprises should adopt the policy of strengthening debt management. In the stage of economic prosperity and recovery, the economic form is improving, the market supply and demand are booming, most enterprises have stable sales and the profit level is rising. Therefore, enterprises should appropriately increase their liabilities and make full use of creditors' funds to engage in investment and business activities in order to seize development opportunities. At the same time, enterprises should ensure their own solvency, ensure that there is a certain amount of equity capital as the backing, reasonably determine the debt structure, disperse and balance the debt maturity, and avoid increasing the debt repayment pressure of enterprises due to the concentration of debt maturity.

3. The degree of competition in the industry where the enterprise is located.

In the macroeconomic environment, the debt level of enterprises cannot be generalized because of different industries. Under normal circumstances, if the industry in which the enterprise is located is weak in competition or in a monopoly position, such as communications, tap water, gas, electricity and other industries, sales are smooth, profits are growing steadily, and the bankruptcy risk is small or even non-existent, the debt level can be appropriately raised. On the contrary, if the enterprise is in an industry with high competition and high investment risk, such as household appliances, electronics, chemical industry, etc. Its sales volume is completely determined by the market, and the trend of profit equalization is that profits are averaged or even reduced. Therefore, the debt level of enterprises should be low in order to obtain a stable financial situation.

4. Tax mechanism.

The tax mechanism of the state on enterprise financing affects the financing behavior of enterprises to a certain extent. So that they can make choices that are beneficial to their own interests, thus adjusting the capital structure of enterprises. According to the tax laws of China. Interest on corporate debt can be included in the cost, thus offsetting corporate profits and further reducing corporate income tax. Due to the tax baffle effect, the improvement of financial leverage will increase the market value of enterprises. Therefore, enterprises with higher marginal tax rate should make more use of debt to obtain tax avoidance income, thus improving the value of enterprises.