Study On The Relation Between Capital Structure And Equity Financial Performance Of Private Listed Companies

The relationship between Equity refinancing and the company long-term performance is a very important field in the financing theory research. The modern financial theory indicates that the goal of the company is to achieve the company value maximized . But Myers's optimal sequence financing theory for financing the general order is internal financing - debt financing - equity financing. The purpose is to keep the company reasonable capital structure.With the rapid development of private listed companies, the private listed companies in China's capital markets are taking a position, many researches show that private listed companies exist Preference equity refinancing, and equity re-financing preference for refinancing raised through stock capital existence operating performance of the low efficiency of decline, capital, etc. This paper, based on the capital structure theories and private listed companies'situation. Then use the Statistical software SPSS to analysis the capital structure of listed companies'relationship with private equity re-financing business performance through collect the listed company data.This paper puts private listed companies'capital structure and operating performance which is after equity re-financing as the breakthrough point, the research which is based on the existing capital structure theory combination with other related theory, analyses the private listed companies after equity re-financing company capital structure and the relationship between the operating performance. Based on the characteristics and the private listed companies, based on the analysis of the current situation of equity re-financing private listed companies before the investigation, based on case data of empirical analysis method for 2007 equity re-financing private listed companies of the basic financial data are analyzed by means of regression analysis, descriptive analysis, combining qualitative research statistics method and quantitative research, detailed analysis of the equity re-financing private listed companies operating capital structure and the relationship between the performance, and on this basis, provides a feasible countermeasures and suggestions.