The Research of the Relation Between Capital Structure Decision and Core Competitiveness
Journal of Investment and Management
Volume 5, Issue 4, August 2016, Pages: 25-33
Received: May 11, 2016; Accepted: May 27, 2016; Published: Aug. 17, 2016
Views 3260      Downloads 107
Cui Zhe, School of Business, Nantong University, Nantong, China
Chen Meng, School of Business, Nantong University, Nantong, China
Article Tools
Follow on us
The capital structure of a company reflects the proportional relation of a company’s debts and equity, which decides the ability of debt paying, refinance refunding and the profit in the future to a great extent. It is an important index of company’s financial condition. The decision-making power of a company is its core competitiveness, although competitiveness is secluded, we can express this abstract ability with concrete content and index when it comes to practice. Common core factors or ability indexes include innovative technology, employees, excellent company culture and brand impact. The paper studies and analyses the connection impact between the capital structure and the decision-making power referring to domestic and foreign data, it also combines the situation of the companies in our country.
Capital Structure, Core Competitiveness, System Environment, Innovation
To cite this article
Cui Zhe, Chen Meng, The Research of the Relation Between Capital Structure Decision and Core Competitiveness, Journal of Investment and Management. Vol. 5, No. 4, 2016, pp. 25-33. doi: 10.11648/j.jim.20160504.11
Copyright © 2016 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License ( which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Shen Yifeng, Theoretically History of Capital structure, the first edition. Beijing: Economic and Scientific Press House, 1999.
Wang Lin, Literature Review on Influencing Factors of Capital Structure’s Feature. Journal of Economic Research, issue 28th, 2009.
Chen Weiyun, Zhang Zongyi, Empirical Study on Financial Influencing Factors of Capital Structure [J], Financial Theory and Practice, issue 1st, 2002.
Li Zhaoxia, Capital Structure and Financing Tool of Chinese Companies. Beijing, China Economy Press House.
Qiu Yanping, Analyses on Influencing factors of Capital Structure and Cost of Capital [J]. Mass Business, 2009, 15 (103): 11-12.
Feng Rongfang, Domestic Study and Review on Influencing Factors of Capital Structure [J]. Journal of Xinzhou Normal College, April, 2012.
Wang Zhongwen, Feng Tao, Theoretically Review on Foreign Capital Structure and Analyses on the Capital Structure Problem of Chinese Listed Companies [J]. Academic Forum, Issue 9th, 2009.
Song Xiaomei, Capital Structure Theory, Shanghai University of Finance Press House. November 11th, 2009.
Li xiuhua, Chen Guixiang, Sun Yujie, Hierarhy of Companies’ Capital Structures. Journal of Harbin Business University (Social Science Edition), Issue 3rd, 2005.
Jiang Xiushan, Hong Yan, Study on the Incidence Relation among Capital Structure, Manage Structure, Company Performance [J]. Study on Productivity, 2009, (22).
Lu Zhengfei, Xin Yu, Empirical Analyses on the Main Factors of Listed Companies’ Capital Structures [J]. Accountant Research Institution, 1998. (08).
Lv Changjiang, Han Huibo, Empirical Analyses on Features of Listed Companies’ Capital Structures [J]. Nankai Management Review, 2001, (05).
Wang Feng, Features of Chinese Listed Companies’ Capital Structures and the Cause Analysis [J]. Developing of Scientific and Technological Information and Economy, 2008 (27).
14. Yao Kai, Sun Lijun, New Thinking of the Reformation of Operators’ salary Incentive Mechanism of Companies [J]. Business Time. 2007 (03).
Liu Shijin, Yang Jianlong, Core Competitiveness—A New Concept in Reshuffle of the Company. Chinese Industrial Economy, Issue 2nd, 1999.
Wu Jiannan, Li Huaizu, Core Competitiveness of Companies. Economy Theory and Economy Management, Issue 1ST, 1999.
Zhang Xiyong, Practice and Recognition of Administrators—MBA Paper•Case Collection. December, 2001.
Yi Xuemei, Influencing Factors and Innovation of Companies’ Core Competitiveness. Northern Economy and Trade, February, 2010.
Jiang Guoxiang, Core Competitiveness [M]. Beijing Chinese Business Press House, 2006, 36.
Xu Zhengyi, Wang Lizheng, Explore and Analyses of the Origin of Companies’ Competitive Edge—Recognition of Core Competitiveness [J]. Social and Science Journal of Jilin University, 2003, (5): 99-106.
Wang Yi, Chen Jin, Xu Qingrui, Companies’ Core Competitiveness: Trace to the Theoretical Source and Analyses on Logical Structure [J]. Journal of Management Science, 2000, 3 (3): 24-32, 43.
Yu Xiaozhong, Reasons for Companies’ Lacking of Core Competitiveness and Precatuinary Measure. Progress and Countermeasures of Science and Technology, May, 2010.
Ding Wenjuan, Study on the Building of Companies’ Core Competitiveness that Based on Integrated Innovation System. Science and Technology Management Study, April, 2010.
Wu Xiaoqiu, Chinese Listed Companies: Capital Structure and Company Management [M], Renmin University of China Press House, April 1st, 2009.
Liubei, Study and Review of Capital Structure and Companies’ Competitive strategies [J], Journal of Fujin Financial Management Cadre School, 2006, (3).
Modigliani, Franco, and Merton Miller. 1958. The Cost of Capital, Corporation Financial, and the Theory of Ivestment. American Economic Review, June, 1958, 48, pp. 261-297.
Harris, M, and Raviv. 1990. Capital Finance. 1990, 45. PP 321-349.
Brennen, M and E. Schwartz. 1979. A Continuous Time Approach to the Pricing of Bonds Journal Banking and Finance, Vol, 3, pp. 133-155.
Science Publishing Group
1 Rockefeller Plaza,
10th and 11th Floors,
New York, NY 10020
Tel: (001)347-983-5186