Empirical Study Of The Financing Structure And Corporate Performance Of Listed Companies In China

This article takes the relationship between the financing structure and the corporate performance as the main object of study, learn the theoretical research results from at home and abroad, do a research about the financing structure of China's listed companies based on China's actual conditions. Noting the financing structure of listed companies in China the status and reasons. China's listed companies financing theory and the priority order of financing theory is contrary, in accordance with the priority order of financing, corporate finance should generally follow such an order : the source of financing, debt financing, equity financing, and the analysis about the financing Structure of China's listed companies found that the corporate more use extraneous source financing, more preference to the equity financing , the financing structure is single, the bank credit has accounted for the very great proportion in extraneous source financing. The capacity of the source of financing is poor, debt capacity constraints and awareness is still relatively weak.In theory, the financing structure of listed companies through the tax shield, financial leverage, managers, enthusiasm and efficiency of corporate governance and other ways to affect the company's performance. Afterwards, constructed the regression analysis model, conducted the empirical study through the software based on the financial data from the 1140 companies in 2006. The research discovered that between the financing structure of China's listed companies and the corporate performance presents the obvious negative correlation, credit can not enhance the company performance. In view of the above question, this article proposed some suggestions to optimize China's listed companies financing structure and enhance the company performance, for example, optimizing internal management structure, strengthen the debt financing and restraint mechanisms, improve the quality of listed companies, strengthen the building of the proposed bond market and so on.