Research on Capital Structure and Financing Decisions of China's Seamless Garment Manufacturing Industry: A Case Study of Jasan Group

The seamless garment industrya capital-intensive and highly internationalised sub-sector of textilesfaces persistent financing constraints. This paper examines Jasan Group, analyzing the evolution of its financing and capital structure from 2015 to 2024 through the lenses of the Pecking Order, Trade-off, and Signalling theories. The study utilizes annual reports to illustrate financing composition with a stacked column chart and tracks the debt ratio using a trend chart. The findings indicate that large-scale equity and debt financing in 2016 supported the company's expansion. From 2018 to 2022, the company engaged in two share buybacks and maintained stable dividends since 2020, which became key shareholder returns. The debt ratio reached its lowest point in 2017, rose sharply between 2020 and 2021, and stabilized in 2023. Overall, Jasan Group's financial behavior aligns with the Pecking Order theory while also reflecting motives from the Trade-off and Signalling theories. This paper concludes with implications for corporate financial policy and for public policy toward manufacturing finance.