Survival of the fittest is the basic rules of market competition, business requirements may survive and develop, not only have the daily management of scientific fine, but more far sighted strategic vision and strategic thinking. Strengthen strategic management has become the current trend and fashion management community, with suitable financial strategy management is also becoming increasingly influenced by financial theory and practical circles unprecedented attention.

However, with relatively mature and prosperous compared to the strategic management discipline, strategic management of financial history is not long, the results are not many, but, in the management of the relevant financial strategy works, most of the works only from one aspect of the financial Discussion the companys financial strategy, strategic management issues for financial research focuses on financing, investment, distribution, mergers and acquisitions and other areas of financial management, the finance, light strategy is the current financial sector financial strategy management research a common phenomenon. The author believes that the strategic concept will attempt to import the financial management and innovation, strategic thinking is the main line runs through the financial management, financial strategy management is not just for financing, investment, financial management content distribution strategic thinking, but should be a strategic perspective on the financial management of content to revisit and redefine, excavated from the strategic nature of the strategic management of financial connotation, financial management mode of thinking outside the box, follow the developments in strategic management, strategic management structures comply with the law of financial strategy management framework .

As competition Strategic Management Strategic Concept has been recognized and accepted general community, in order to enhance the competitiveness of enterprises oriented strategic management has become a major trend, therefore, create a financial strategy management system, based on the competitiveness of enterprises in the financial perspective Strategic Management is bound to be a realistic choice smooth trend.

In this thesis, the author follows the questions, analyze problems, problem-solving research ideas, theory to practice in accordance with the order expanded hierarchical, progressive research.

In the financial strategy management theory study, this paper is to solve the problem is financial strategy management in the enterprise strategic management in what position? Support the financial management of the main theoretical basic strategy What? Why core competence is to determine the main parameters of the competitiveness of enterprises ? How to determine the company’s competitive position? How to achieve competitive evaluation and strategic financial management integration? Why should carry out strategic cost management as a basis for the management of financial strategy, how to use strategic cost management to create competitive advantage? strategic management in the financial practical study, the problem to be solved is how to finance the enterprise strategic management decisions and choices scientifically determine the companys competitive strategy?

How to deal with the fierce market environment adjust the business behavior? How different stages of the life cycle of enterprises to create sustainable competitive advantage? How to create and adapt the organizations financial strategy? How leading financial strategy and organizational structure to meet the coordination lag ? how to establish effective financial strategic resource allocation model and improve financial strategy control system? how to use the control lever in the financial management of the implementation strategy for effective control? how budgetary control of resources through the effective organization? how strategic management of the financial results measured and evaluated?

How to evaluate the competitiveness of enterprises? How to use the Value Management System VBM to measure the value of enterprise strategy and evaluation? How to use the Balanced Scorecard SBC for corporate financial results for the strategic management of a comprehensive evaluation. As financial strategy management is a combination of theory and practice more closely applied research, in this paper, the author based on the strategic management of financial characteristics, system research methods, norms and empirical research combining methods, models and measurement fuzzy judgment method of combining, history and logic combination of methods to enhance the competitiveness of enterprises as the core, strategic cost management as a strategic management and corporate finance to create a competitive advantage linked points on with suitable financial strategy decisions selection, control and evaluation of a systematic exposition and analysis of the competitiveness of enterprises based on the financial perspective for the strategic management of interdisciplinary research and study, not only reflects the financial strategy management strategy commonalities and lays out the financial Strategic Management in the Finance personality.

Based on competitive financial strategy management research

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Capital structure theory is always one of the most controversial finance topics. Myers in the capital structure puzzle in an article said, how companies choose their capital structure? We do not know we know little about the capital structure, we do not know how companies choose to issue bonds, stocks or mixed securities.

Chinese Listed Companies Capital Structure Puzzle more confusing. Chinese listed companies there is a special system environment. For example, more unique ownership structure, legal investor protection is not perfect, the uneven development of capital markets, corporate governance mechanisms defects. So, exactly what factors affect the capital structure of Chinese listed companies choose? Western capital structure theory whether financing behavior of listed companies inChinacan explain? System of how the environment through the companys capital structure characteristic factors affecting choice? Macroeconomic factors, industry factors are significantly affected choice of capital structure? sort of problems, pending theoretical analysis and empirical test.

Throughout the literature, domestic scholars Chinese Listed Companies Capital Structure Factors Influencing the following problems: 1 research methods, most researchers use a simple cross-sectional snapshot of the framework of the static regression techniques, and the nature of the capital structure is dynamic and should therefore be carried out within the framework of a dynamic analysis; 2 does not control the time characteristic factors, such as interest rates and inflation may be observable or unobservable macroeconomic factors; 3 no control unobservable firm characteristics factors such as management’s ability, motivation and attitude toward risk; 4 the lack of corporate governance structure affect capital structure choice theory and empirical analysis, such as ownership structure, board characteristics, CEO tenure and the market for corporate control, etc. ; 5 the lack of Chinese Listed Companies Capital Structure institutional context of in-depth study.

Therefore, this article focuses on the capital structure of listed companies inChinainfluencing factors, and to explore the financing behavior of listed companies inChinaor preferences.

First, build two way effect dynamic adjustment model Two way effects dynamic adjustment model, the control time effects and unobservable characteristics of corporate identity effect, for the first time from a dynamic perspective of company size, composition of assets, non debt tax shield, the effective tax rate, growth opportunities, liquidity, product uniqueness, financial distress costs and ability to generate internal resources such as corporate identity factors affect Chinese listed companies capital structure choices. Second, using factor analysis model of governance structure of listed companies in Chinas influence on the choice of capital structure, such as the ownership structure, board characteristics, CEO tenure and corporate control markets.

Paper is divided into eight chapters. Chapter Introduction. Discusses the research background and significance, the main contents and framework, theoretical foundation and research methods, improvement and innovation as well as related definitions of terms. Chinese Listed Companies Capital Structure Influencing Factors – theory and evidence Chapter Capital Structure Theory. Focuses on the static trade off theory, agency theory, asymmetric information theory, theory of corporate control, market timing theory of capital structure theory’s main point for the analysis of Chinese listed companies capital structure factors provide a theoretical basis.

Capital Structure Chapter Empirical Literature Review. Domestic and international factors affecting capital structure empirical studies were reviewed to evaluate the existing literature the problems and inadequacies, master research trends, and to provide the basis for the definition of the relevant variables. Chapter IV Capital Structure of Chinese Listed Companies institutional background analysis. Capital Structure of Chinese Listed Companies institutional background for analysis in order to explain the capital structure of listed companies in China choose to provide realistic background and theoretical basis, help us understand factors affecting capital structure behind the institutional context.

Chapter Capital Structure Analysis of Chinese listed. The capital structure of listed companies in Chinas overall characteristics are analyzed, and with other countries to compare companys capital structure. Mainly from the average balance sheet and financing structure trends, financing and other aspects of behavior and industry characteristics were analyzed in order to Chinas financial behavior of listed companies to have a general understanding and grasp. Chapter VI characteristic factors affecting choice of capital structure theory and empirical analysis. Theoretical model based on capital structure, capital structure choice influencing factors, firm characteristics including company size, composition of assets, non debt tax shield, the effective tax rate, growth, liquidity, product uniqueness and ability to generate internal resources, etc. theoretical analysis, dynamic adjustment model to build two way effect, the use of non-financial listed companies in China panel data, from a dynamic perspective of Chinese listed companies capital structure choices.

Chinese Listed Companies Capital Structure Influencing Factors

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German Chancellor Angela Merkel has emerge towards passing the European Commission much more forces, in the best indication yet that she is reining in her goals to produce a “financial marriage” in which european people cede effects of their finances to Brussels.

The remarks, produced in a meeting with every week Der Spiegel, arrive times after Merkel kept discussions with President Francois Hollande in Paris and the 2 introduced joint recommendations for the future form of the european region, such as the development of a long term leader of the Eurogroup forum of financial ministers.

Merkel talked out highly in support of closer financial incorporation a year ago, however France and some other european people have heavy questions regarding ceding sovereignty — a stage which would need politically sensitive changes to the EUROPEAN UNION treaty — and Berlin seems to be aware that this opposition is too excellent to conquer for now.

Using a German political election emerging in Sept. and a brand new anti-euro celebration intimidating to consume into assistance for her traditional bloc, Merkel can also be modifying her information for voters at home, a lot of whom are hesitant concerning ceding nationwide forces.

“I see no need within the next couple of years to stop more forces to the Commission in Brussels,” Merkel stated in the meeting, adding that she agreed upon Hollande on EUROPEAN UNION member states cooperating deep into economical problems.

“We are notify sort of the labour and pension plan marketplaces but additionally of taxes and sociable coverage. Financial coverage dexterity in Europe is too fragile, it must be increased and this is quite dissimilar to providing more competences to Brussels,” she stated.

BROADER BARGAIN

For most of a year ago, when the bloc’s financial debt problems was flaming, Merkel talked frequently of the need to move toward both a monetary and politics marriage in Europe to stop the turmoil.

In Oct, for instance, she stated in a talk in the Bundestag reduced house of legislative house that European authorities required to go a “stage additional” in cementing financial self-discipline by “providing Europe actual legal rights of treatment in nationwide finances”.

She also voiced assistance at the time for a suggestion by German Finance Minister Wolfgang Schaeuble to produce a super-empowered European money office.

The maneuver from such sights displays both an reducing of the problems according to activities by the European Central Bank and a change in Germany’s concentrate from requiring on shortage decrease in european area stragglers to pressing for strength reforms.

This may also participate in a wider bargain with Paris below which Germany falls its press for a federalist union in favor of an inter-governmental method of incorporation that France has lengthy backed.

In exchange, Berlin may have obtained guarantees from Hollande that he will push forward with changing the suffering French economic climate, for instance by aiming it more carefully with Germany in the regions of pensions and labour marketplace plan.

Merkel made clear at her information meeting with Hollande last week that France must provide on reforms recommended by the European Commission in return for allowing Paris 2 additional years to kick shortage decrease goals.

Hollande got infuriated authorities in Germany and Brussels by originally recommending that the Commission had no right to “determine” to Paris. The Germans think that a building up of the EU’s Balance and Development Pact has given the Commission that right.

“The chancellor created clear in Paris that Hollande had a duty to follow along with the Commission’s suggestions,” a German official informed Reuters on Weekend.

“We expect he knows what reforms have to be applied, but he must persuade a household viewers that is underneath the false impression that sufficient had been carried out.”

In the Spiegel meeting, Merkel also put cold water on the concept of straight electing the leader of the European Commission in an EU-wide election. She and other people of her authorities, such as Schaeuble, voiced assistance for this concept in the past but she informed the mag such a stage endangered upsetting the total amount of the bloc.

The joint recommendations drew out by Germany and France a week ago are required to be at the center of the conversation among EUROPEAN UNION frontrunners at their smt in late June.

Merkel reins in intend to move forces to Brussels

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