Empirical analysis and optimization of capital structure adjustment
This paper analyzes capital structure's characteristics and presents its simplified mathematical model. Panel data analysis shows that the listed companies prefer equity financing rather than debt financing. Furthermore, we propose a capital structure optimization model with uncertain equity fi...
| Main Authors: | , |
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| Format: | Journal Article |
| Language: | English |
| Published: |
AMER INST MATHEMATICAL SCIENCES-AIMS
2020
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| Subjects: | |
| Online Access: | http://purl.org/au-research/grants/arc/DP160102819 http://hdl.handle.net/20.500.11937/90938 |
| _version_ | 1848765466107969536 |
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| author | Ma, J. Xu, Honglei |
| author_facet | Ma, J. Xu, Honglei |
| author_sort | Ma, J. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | This paper analyzes capital structure's characteristics and presents its simplified mathematical model. Panel data analysis shows that the listed companies prefer equity financing rather than debt financing. Furthermore, we propose a capital structure optimization model with uncertain equity financing constraints. We formulate the capital structure optimization problem as a two-stage stochastic optimization problem and solve it. Finally, numerical examples show that our optimization approach can improve the statistics result of capital structure adjustment. |
| first_indexed | 2025-11-14T11:35:42Z |
| format | Journal Article |
| id | curtin-20.500.11937-90938 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T11:35:42Z |
| publishDate | 2020 |
| publisher | AMER INST MATHEMATICAL SCIENCES-AIMS |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-909382023-05-11T01:52:20Z Empirical analysis and optimization of capital structure adjustment Ma, J. Xu, Honglei Science & Technology Technology Physical Sciences Engineering, Multidisciplinary Operations Research & Management Science Mathematics, Interdisciplinary Applications Engineering Mathematics Target capital structure institutional ownership capital structure optimization two-stage stochastic optimization ALGORITHM This paper analyzes capital structure's characteristics and presents its simplified mathematical model. Panel data analysis shows that the listed companies prefer equity financing rather than debt financing. Furthermore, we propose a capital structure optimization model with uncertain equity financing constraints. We formulate the capital structure optimization problem as a two-stage stochastic optimization problem and solve it. Finally, numerical examples show that our optimization approach can improve the statistics result of capital structure adjustment. 2020 Journal Article http://hdl.handle.net/20.500.11937/90938 10.3934/JIMO.2018191 English http://purl.org/au-research/grants/arc/DP160102819 AMER INST MATHEMATICAL SCIENCES-AIMS restricted |
| spellingShingle | Science & Technology Technology Physical Sciences Engineering, Multidisciplinary Operations Research & Management Science Mathematics, Interdisciplinary Applications Engineering Mathematics Target capital structure institutional ownership capital structure optimization two-stage stochastic optimization ALGORITHM Ma, J. Xu, Honglei Empirical analysis and optimization of capital structure adjustment |
| title | Empirical analysis and optimization of capital structure adjustment |
| title_full | Empirical analysis and optimization of capital structure adjustment |
| title_fullStr | Empirical analysis and optimization of capital structure adjustment |
| title_full_unstemmed | Empirical analysis and optimization of capital structure adjustment |
| title_short | Empirical analysis and optimization of capital structure adjustment |
| title_sort | empirical analysis and optimization of capital structure adjustment |
| topic | Science & Technology Technology Physical Sciences Engineering, Multidisciplinary Operations Research & Management Science Mathematics, Interdisciplinary Applications Engineering Mathematics Target capital structure institutional ownership capital structure optimization two-stage stochastic optimization ALGORITHM |
| url | http://purl.org/au-research/grants/arc/DP160102819 http://hdl.handle.net/20.500.11937/90938 |