The influence of stock liquidity of energy enterprises on capital structure adjustment

The transformation and optimization of energy enterprises can boost China's economic development. Studying the adjustment stock liquidity to their capital structure will help realize own value. Based on these, this paper explores influence by constructing a fixed-effect step-back model based static short-panel data, then draws following conclusions：(1)The better stock, smaller external financing cost enterprise; (2) It is more difficult for new obtain equity financing, environment worse;(3) traditional sensitive structure, it easier adjust optimal structure; (4) In field energy, credit rating with strong higher, which conducive adjusting through debt financing. Finally reasonable suggestions above conclusions are gave.