Studies on capital structure and ownership structure have become prominent in academia at home and abroad. Financing strategy plays a crucial role in corporate controls distribution among shareholders, debtors, managers as well as other stakeholders. This has to do with the apparent link between capital structure, ownership structure and governance, which further influences a company's performance.The dissertation attempts to answer the following questions and accordingly draws some conclusions:1. Theoretically say, how is the relationship between environmental dynamism, capital structure and corporate performance? Combined with current literature review and basic theories, it holds that environmental dynamism does moderate the relationship between capital structure and performance. Therefore, two hypotheses are deduced on the ground of overseas experience and theoretical analysis. Surprisingly, empirical tests based on Chinese listed companies fail to support the above two hypotheses. It in further explains the reasons in the perspective of agency theory, transaction cost theory and strategic management literature.2. How is the relationship between environmental dynamism, ownership structure and corporate performance? It demonstrates moderating effect environmental dynamism imposed on ownership structure and corporate performance. The empirical results show there exists stronger positive relationship between insider shareholders and corporate performance. Similarly, the positive relationship between legal share and performance tends to be stronger, so does the liquid share and performance. Otherwise, relationship between state share and performance appears nonlinear according to the empirical test.3. The dissertation gives special attention to the correlation between capital structure, ownership structure and environmental dynamism through establishing a structural model equation. The empirical test approves that there really lies interactive influence among them.Based on environmental dynamism, it studies the relationship between capital structure, ownership structure and performance from the point of organizational economics and strategic management, which is a logic innovation of this dissertation. Methodologically, it establishes structural model to test the interactive functional mechanism among them by integrating environmental dynamism interaction variable.This dissertation aims at delivering theoretical analysis and empirical test toward the interactive influence that environmental dynamism, capital structure, and ownership structure have exerted on performance. Research on the interaction mechanism among them in perspective of corporate governance, shall play a significant role academically and practically in this field.
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