The Analysis of Optimal Capital Structure of the Equipment Manufacturing Industry Listed Companies Based on the Enterprise Value

In order to reduce the deviation of model set, The article researches the relationship between capital structure and corporate value based on the nonparametric method, adjusts the form of the variables in ordinary panel data model, and evaluates the optimal capital structure of the equipment manufacturing industry listed companies by using LSDV. Based on the financial data of the equipment manufacturing industry listed companies in China in 2006-2013, The article examines the equipment manufacturing company´s optimal capital structure from the perspective of enterprise value. The results showed that the relationship between the company´s enterprise value and capital structure of equipment manufacturing industry presents u-shaped curve. There exists the capital structure which can make the enterprise value maximized. That is to say the optimal asset-liability ratio is 32.87%.