Comparative Study On Capital Structure And Performance About Monopolistic And Competitive Trades Of Listed Companies In China

The matter of capital structure is an important research task which both has great theoretical value and practical meaning. Undoubtedly, it is significantly meaningful to discuss the relationship of capital structure and management performance,first begin with capital,the most basic factor of running a corporation. At present the main objects of domestic study upon the relationship of capital structure and management performance are that carries on the analysis take the property ratio of debt to net worth as the structure target. That is to say, they have only analyzed the debt capital to the company achievement influence. The influence of the rights and interests capital to the company achievement has neglected.This article will attempt to divide the companies listed into the monopolistic profession and the competitive profession to analyze the relations between capital structure and the company achievement. We will discover the differences of the capital structure and the achievement between two sub-samples. The relationships of debt capital and the rights and interests capital and the management performance will be analyzed. Take the capital structure optimized adjustment as the goal; we will enhance the suggestion for the enterprise which the management achievement will provide may refer.The article uses the long-term asset-liability ratio, the current assets- liability ratio and the shareholder rights and interests ratio reflect the capital structure of companies, and use the host camp service returns ratio and the net assets returns ratio reflects the company's management achievements. This paper chooses panel data of lased companies to make regression. Based on the data of listed companies suiting study, we can draw the conclusions as follows: the debt capital is negative correlated with the management performance; the rights and interests capital is remarkably positive correlated with CROA and COE in competitive trades; equity ratio is remarkably positive correlated with ROE and negative correlated with CROA in the monopolizing trades. Finally, the paper put forward the related policy proposal aiming at the capital unique features in two big professions.