The Empirical Research On The Relationship Between Capital Structure And Performance Of Listed Companies In New Energy Industry

Capital structure is an important and very complex problem in financial theory, and of the stakeholders'rights and obligations are manifested in capital structure, therefore, capital structure has a great influence on the corporate governance as well as corporate performance, and reasonable capital structure can help standardize the business practice and improve the corporate performance. What's more, the change of capital structure is always considered as the signals of expected revenue in the future to external investors, especially capital structure has certain effect on corporate performance which makes the theory and financial circles pay much more attention on it. shows that new energy has become a competitive form. the investment in energy technology increases quickly and has become one of the world's fastest-growing market. But since new energy in our country is still in the initial stage at present, there are many understanding shortages in many ways, and development is immature, especially in the capital structure. So this issue is particularly important to the shareholders in our country. This paper chooses new energy listed companies as the object to discuss the relationship between capital structure and performance of company, thus providing some references for new energy listed companies to seek reasonable capital structure.This paper firstly reviews and comments the theory and empirical evidence of the relationship between the ownership structure,debt structure and the corporate performance on the basis of the definition of capital structure. Then basised on the financial data of new energy industry between 2007-2009, this thesis analyzes the trend in capital structure and the variables in corporate performance, so as to analyze the change trend of the relationship between capital structure and corporate performance in new energy industry and provides powerful reference for the following study. Above the theory analysis and descriptive statistics and using EVIEWS, this paper analyses the relationship between equity structure, debt structure and corporate performance empirically, this paper chooses the TQ as the performance indicators, and then makes regression analysis using performance indicators and debt-to-equity ratio,the square of debt-to-equity ratio,long capital ratio, and concludes the inner link between the capital structure and performance. The conclusion is drawn that the best capital structure exists in new energy industry. Finally, I gain some inspirations according to empirical conclusions, and then give several suggestions hoping to improve capital structure and financing environment on New Energy Industry, Through this thesis ,I hope i can play a role in searching capital structure improving corporate performance to New Energy Industry.