摘要:随着世界经济的高速发展，各项法律法规准则的完善，使资本结构优化成为公司财务风险管理问题的重中之重，公司资本结构的合理与否直接影响公司的生产经营以及未来的发展，这将影响到公司的融资行为及企业价值的实现，并与中国的经济发展密切相关。随着资金来源的多元化，企业经营机制的转换，我国企业也逐渐重视资本结构，影响我国企业的资本结构的因素和如何进行资本结构优化也成为当下研究的热点问题。

　　　本文正是基于上述时代背景，在国内和国外的相关文献的基础上，首先介绍了资本结构的相关理论及资本结构理论的发展历程。其次，运用案例分析法，以中南控股集团为例找出该集团现有资本结构存在的问题，具体分析影响该集团资本结构的因素。最后，借鉴国内外资本结构优化的经验，并结合企业的实际情况，提出资本结构优化的建议。

关键词 最佳资本结构；人力资本；证券市场

Abstract:With the rapid development of the world economy and the improvements of all laws, rules and regulations, optimizing the capital structure has become an important aspect in the issues of a company's financial risk management. Whether the capital structure of a company reasonable or not impact directly on the production and operation of the company as well as its future development, besides, this will also affect the financial behavior and the achievement of the company’s value and closely relate to the economic development of China. With the diversification of the sources of funding and the operational mechanism of the enterprise, Chinese enterprises also lay more emphasis on capital structure. Meanwhile, factors affecting the capital structure of Chinese enterprises and the way to carry out the optimization of capital structure have also become hot issues of present studies.

　　　On the basis of the above-mentioned background and the related references which are both home and abroad, firstly this paper starts with the introduction of relevant theories of capital structure and their evolutions. Secondly, by means of case analysis, through analyzing ZhongNan Construction Group, the author finds the existing problems of it and has a detailed analysis on several factors which affect its capital structure. At last, drawing on the experience of advanced capital structures, both domestic and overseas, the author integrates real conditions of ZhongNan Construction Group and then provides some suggestions to improve its capital structure better.

Keywords  Target Capital Structure  Human Capital  Securities Market