Empirical Research Of Capital Structure Of GEM Enterprise

Based on the statistical analysis of the GEM listing enterprise, found that most enterprise asset-liability ratio is low, some enterprise even less than 3%. This phenomenon is not only with the capital structure of the western theories, and against our long-term development of the GEM. Objective analysis of the business venture capital structure of the situation and problems, find ways to promote the optimization of the GEM enterprise development.This paper analyzed the western enterprise in reference on the basis of the capital structure theory and by the relevant financial data collected, of our country at first the asset-liability ratio, GEM enterprise debt structure and short-term debt structure are described systematically. Status analysis shows that:China GEM listing enterprise asset-liability ratio is low, liabilities structure unreasonable and short-term debt unbalanced structure; Then, this paper adopts the empirical method, investigated through panel data model in China business capital structure and company GEM, it is concluded that the performance of the relationship between corporate capital structure and management performance positive correlation between the important conclusions. Finally, in the front analysis are put forward on the basis of optimizing the capital structure countermeasures and Suggestions.This paper consists of five parts:The first part is the introduction. Mainly introduces the writing background, significance and research method, and the new ideas in the core of paper involves concept is defined, and finally summarized the research innovation and insufficient.The second part is the theoretical overview. According to the needs, this paper mainly from two aspects to comb and relevant literature was analyzed. One is the western capital structure theory is reviewed, including early evolution process of the capital structure theory, the theory of modern capital structure, new capital structure theory etc, tried to find out the business capital structure theory and practice of the development and changes of regulation and characteristics. Another is to domestic and international capital structure and corporate performance on the relationship between theoretical viewpoint, this article introduces and analyses the literature review two aspects constitute the basic theory of in this paper.The third part is the GEM of corporate capital structure in the analysis of the current situation and existing problems. The author to sample the enterprise's financial data based on GEM business capital structure, current descriptive statistical analysis, accordingly reveals GEM enterprise in the capital structure of the three prominent problems existing:asset-liability ratio is low, the role of financial leverage can fully exert; Debt structure unreasonable, than on the high side of current liabilities; Short-term debt unbalanced structure, low of Banks to borrow money.The fourth part is to GEM enterprise capital structure and corporate performance empirical analysis of the relationship. Empirical test found that our country enterprise capital structure and company GEM performance positive correlation existed between, the conclusion for enterprise through a modest increase in the debt, provides a theoretical support to improve performance.The fifth part is countermeasures and Suggestions. Mainly includes:increasing asset-liability ratio, exert better financial leverage; A modest increase in the long-term debt, optimizing enterprise debt structure; Improve enterprise short-term debt structure; The role of government function, widen enterprise financing channels.