摘要随着资本结构的发展，越来越多的企业开始利用资本结构的相关理论成果对企业管理进行分析。企业的资本结构直接影响企业治理，其不仅影响企业的业绩，对企业经营发展也起重要作用。通过资本结构的理论，分析了康美药业目前资本结构的现状，其存在债务结构不合理、融资渠道单一、流通股比例高以及净资产负债率低等问题；企业为解决存在的问题提出的对策为：调整负债结构，优化短期借款和长期借款比例；拓宽企业融资渠道，多元化融资方式；优化企业股本结构，使股权结构适度集中产生股权的激励作用和加强企业自身经营能力保证企业的长期发展。关键词：资本结构负债结构权益结构多元化融资AbstractWiththedevelopmentofthecapitalstructure,moreandmorecompaniesarebeginningtoanalyzethemanagementofcompaniesbasedontherelevanttheoreticalresultsofthecapitalstructure.Thecompany'scapitalstructurehasadirectimpactoncorporategovernance,whichnotonlyaffectscorporateperformance,butalsoplaysanimportantroleincorporategovernanceanddevelopment.ThecurrentstatusofKangmeiPharmaceutical'scapitalstructureisanalyzedusingthetheoryofcapitalstructure.Theexistingproblemsare:inadequatedebtstructure,asinglefinancingchannel,highproportionofcirculatingsharesandlownetdebtratio.Thecountermeasuresputforwardbyenterprisestosolvetheexistingproblemsareasfollows:adjustingthedebtstructure,optimizingtheratioofshort-termborrowingandlong-termborrowing,expandingcorporatefinancechannelsanddiversifyingfundingmethods;,optimizecorporatecapitalstructure,,makingtheequitystructuremoderatelyconcentratedtoproducetheincentiveeffectofequityandstrengtheningtheenterprise'sownmanagementabilitytoensurethelong-termdevelopmentofenterprises.Keywords:capitalcompositionliabilitycompositionEquitystructureDiversifiedfinancing目录TOC\o"1-2"\h\uHYPERLINK\l"_Toc18134"一、引言PAGEREF_Toc181341HYPERLINK\l"_Toc5706"二、资本结构理论PAGEREF_Toc57061HYPERLINK\l"_Toc4610"（一）MM理论PAGEREF_Toc46101HYPERLINK\l"_Toc29138"（二）权衡理论PAGEREF_Toc291382HYPERLINK\l"_Toc26090"（三）代理理论PAGEREF_Toc260902HYPERLINK\l"_Toc27068"三、康美药业资本结构现状分析PAGEREF_Toc270682HYPERLINK\l"_Toc11749"（一）负债管理现状分析PAGEREF_Toc117492HYPERLINK\l"_Toc25280"（二）权益管理现状分析PAGEREF_Toc252805HYPERLINK\l"_Toc12192"四、康美药业资本结构存在的问题PAGEREF_Toc121927HYPERLINK\l"_Toc30814"（一）负债结构不合理PAGEREF_Toc308147HYPERLINK\l"_Toc31481"（二）企业融资结构单一PAGEREF_T