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在企业经营管理及未来发展中，投融资研究首当其冲成为企业考虑的主要方 向，对企业资本结构进行优化研究就不可避免的成为企业发展道路上的重要一步。 资本结构即企业不同资本的构成及其比例关系，主要以公司股权和债权的占比为 主，通过股权和债券获取资金造成的资本成本、使用价值和资金风险等因素都会 对企业资本结构产生不同的作用。因此，企业应该根据自身所处的经济环境、行 业背景、生命周期、经营状况和最终控股股东等情况综合考虑选择合理的方式方 法进行资本结构优化，在现在的基础上不断治理公司经营水平、提升企业经营收 益、帮助企业实现财务目标即价值最大化、巩固并增强其行业地位。目前从整体 来看，小家电行业的发展受到宏观经济、行业政策以及社会需求的有利推动，然 而整体绩效结果却并不理想，造成这个结果的原因有很多，本文主要是从其资本 结构出发，对小家电公司资本结构的优化成为函待解决的首要问题。

因此本文基于国内外资本结构优化研究，以浙江苏泊尔股份有限公司（简称 苏泊尔）为研究对象，苏泊尔公司是传统小家电行业中的领军企业，有着一流的 生产制造水平和资本的协助，在小家电行业有着举足轻重的地位，对小家电行业 产生的作用也是有权威性的。本文通过分析苏泊尔 2016 年至 2020 年的资本结构 现状以及经营情况，发现苏泊尔主要采用留存收益进行内源融资，负债方面发现 苏泊尔多年来的有息负债为零，取而代之的是商业信用融资，不利于其财务杠杆 实现利益最大的效果。与其他企业因为高负债进行资本结构优化不同，本文苏泊 尔则是负债规格偏小，流动负债占比过度。为了解决以上问题，本文通过将静态 的最优资本结构模型与动态优化方法相结合的方式，判断并检验了浙江苏泊尔股 份有限公司的最优预期资本结构区间为(44.62%,53.65%)，并提出了对浙江苏泊 尔股份有限公司资本结构的优化对策，包括提高企业债务投资水平、优化公司资 产结构、优化公司股权结构和拓宽企业融资途径，以及相应地保障措施。

In the business administration and future growth of enterprises, investment and financing research has become the first and foremost direction for enterprises to consider, and the optimization research of enterprise capital structure has inevitably become an major pace on the way of enterprise development. Capital structure is the composition of different capital and its proportional relationship, mainly based on the proportion of different ways, the fare of capital, the value of use and capital risk caused by the acquisition of funds through equity and bonds will have different effects on the capital framework of enterprises. Accordingly, enterprises should choose reasonable ways and means to optimize their capital structure based on their own economic environment, industry background, life cycle, operating conditions and ultimate controlling shareholders, etc., so as to continuously govern the company's operation level, enhance its operating income, help it achieve its financial goals, value maximization, and consolidate and strengthen its industry position on the present basis. At present, the development of the small home appliance industry as a whole is respectably driven by macroeconomic, industry policies and social demands, however, the overall performance results are not satisfactory, and there are many reasons for this result.
Therefore, this paper is based on domestic and international capital structure optimization research and takes Zhejiang Supor Corporation (SUPOR), a leading company in the traditional small home appliance industry, with first-class manufacturing and capital assistance, as the authoritative role in the small home appliance industry. By analyzing the current status of SUPOR's capital structure and its operations from 2016 to 2020, this paper finds that SUPOR mainly uses retained earnings for endogenous financing and its liabilities are found to have zero interest-bearing debt for many years, replaced by commercial credit financing, which is not in line with modern capital structure theory and is not conducive to its financial leverage to achieve maximum benefit . Unlike other companies that optimize their capital structure because of high debt, in this paper SUPOR has small debt specifications and many degrees of current liabilities. In order to solve the above problems, this paper judged and tested the optimal expected capital structure interval of (44.62%,53.65%) for Zhejiang Supor Corporation by combining the static optimal predictive capital structure model with the dynamic optimization method, and gave countermeasures to optimize the capital structure of Zhejiang Supor Corporation including improving the level of corporate debt investment, optimizing the company's asset structure, optimizing the company's equity structure and broadening the corporate financing channels, and corresponding safeguards are proposed.