Research On The Influence Of The Capital Structure Of The Energy - Saving And Environmental Protection Listed Companies On The Profitability

In September 2010, our country put forward the energy saving and environmental protection industry as the first of seven emerging strategic areas the first time explicitly. In June 2012, the government re-emphasized to promote energy conservation, develop green and circular economy, promote it to become a pillar industry. Thus, it is facing unprecedented opportunities. Faced with strong government support, enterprises must be ready for rapid development.This paper analysis the impact of capital structure and profitability from a financial perspective, it will provide the basis for optimizing capital structure, improving profitability and promoting industry rapid, healthy development.This paper reviews the research literature at home and abroad and the theory of capital structure and profitability, and does empirical research on this basis. Secondly, paper chooses 78 energy saving and environmental protection listed companies from the concept conditions as sample companies. It chooses asset-liability ratio, current liabilities ratio, long-term debt equity ratio, total assets ratio of long-term borrowings and ownership concentration to represent capital structure, the overall profitability score to represent profitability through factor analysis, business growth and size as a control variable. It identifies the relationship by regression analysis. The empirical conclusions: other indexes and profitability show negative correlation except total assets ratio of long-term borrowings, and there is not an optimal capital structure to maximum profitability. And this paper also found companies’ issues, including the irrational of the capital structure, financing channels for a single, higher ownership concentration. The paper concludes with a policy recommendations to optimize enterprise development from micro and macro perspectives through the results of empirical analysis.