Analysis of the Dynamic Impact of Intangible Assets on Capital Structure of Listed Companies in the Construction Industry

Due to the leverage effect, appropriate liabilities can reduce the cost of capital, while intangible assets can cause changes in the asset-liability ratio. In order to further study the relationship between the two, this research selected the empirical data of listed construction companies that could potentially yield adequate findings, and used the distributed-lag model and WLS model for an empirical analysis. The research results show that there is a significant positive correlation between the asset-liability ratio and intangible asset ratio, the book value of intangible assets and internal structure of intangible assets, but the impact is slightly less than the asset profit rate. Despite this, the additive effect between the above-mentioned variables is still considerable. In the context of enhancing a company's leveraged operations, a company's management is suggested to adopt corresponding improvement measures and systems to deal with operational risks.