A Study On The Relevance Between The Capital Structure And Performance Of Manufacturing-Listed Companies

The capital structure and performance of listed companies has been being a hot topic and a difficult problem being focused by both the academia and empirical researchers. In light of theories of modern capital structure, selection of capital structure will influence utilizing efficiency of asset values, governance structure whereby influence corporate achievements finally.The manufacturing-listed company is a kind of comparatively advanced organizational form in certain stage. The manufacturing-listed company is the international main stay of the manufacturing in China under the competitiveness of WTO. The manufacturing -listed company can organize resources of products effectively, promote the adjustment of manufacturing structure and improve the industrialization level. With the development of capital market, the manufacturing-listed companies have large proportion in all listed companies. This study on the characteristic of the capital structure and the relevance between the capital structure and performance has immediate significance for the manufacturing-listed companies to draw out development strategies, optimize the capital structure, raise the corporate performance, and to intensify the core competitiveness.Totally 658 manufacturing-listed companies were chosen as samples and 7 variables of capital structure and 4 variables of performance were defined. A describing statistical analysis on relevant data of capital structure given from 2003 to 2005 was made, in the hope of summarizing its current situation. The empirical study of capital structure and performance were carried out by using SPSS software. Subgroups of listed companies, namely metal and food were chosen and the empirical study results were further analyzed in the paper.After the actual data analysis, this article discovered that, the circulation stock and the equity concentration degree account for the total capital stock proportion elevating, is advantageous to the promotion enterprise's management achievements; the corporate performance is negatively related with the short-term debt ratio, the long-term debt ratio. Industry difference and indicator difference are important factor that affects the regression result.