| The modern theory of corporate capital structure points out that if the market is efficient, the corporate value will be influenced by the ownership structure and debt structure. The ownership concentrations, nature of equity, debt structure have a theoretical correlation relationship with corporate operating performance. Owning to the difference of the condition, industry, selecting methods and the selecting time of samples, the empirical study results of the relationship between capital structure and corporate performance show a range of diversity.This study concentrates on empirical analysis to test whether the capital structure of sample companies will influence their performance and the applicability of foreign classic theories. By adopting the recent cross-section data and taking the sample of industrial listed companies in 2006 as the time window, the thesis tries to discover the relationship between the performance of listed companies and capital structure in electronic information industry.This thesis uses the share-holding proportion of the biggest shareholders and the ratio of the traded shares to reflect the equity structure, the long-term debt ratio and short-term debt ratio to reflect the debt structure as well as the ROE to reflect the performance of listed companies. By introducing corporate growth and corporate scale as the controlling variables, this paper makes a cross-section analysis on capital structure and corporate performance of listed companies in electronic information industry in 2006. The conclusion of empirical analysis reveals that the reverse U relationship exists between ownership concentration and corporate performance, the negative relationship occurs between the proportion of traded shares and corporate performance, the short-term debt has a better governance effect on corporate performance than the long-term debt etc., thus put forward some suggestions to optimize the capital structure. |
PDF Full Text Request