An Empirical Correlation Study Of Financial Structure And Firm Performance

SMEs in the economic life of our country occupies an important position in the international countries have also strengthened their awareness of and attention to SMEs. With the growing role of SMEs by- the world governments and the community awareness and concern, the development process of SMEs generally face financial difficulties, has been the world's attention.SME financing is the core issue of survival of small and medium enterprises, financing of the "ills" associated with long-term growth of SMEs in China and has not been an effective cure. In normal economic and social conditions, weak due to funding of SMEs, credibility is not high, operating risks and other factors, financing has been very narrow, poor financing capacity. The financial crisis in late 2007 to make the financing of SMEs in China the situation worse, by dramatically reducing the impact of exports, small and medium significantly reduced profit margins, which led to the financing of SMEs significantly reduced endogenous; the same time, increased financial risk, leading financial institutions to invest more cautious, further deterioration of credit crunch phenomenon, which makes external financing of SMEs is more difficult. Superposition of the internal and external problems, China is facing many small and medium rare crisis. Funding gap to increase, production costs, RMB appreciation, growing problem, which these enterprises are facing a shortage of funds is the most difficult and urgent problems. Therefore, solving the financing problems of SMEs SMEs in China to resolve the crisis of survival is the key. In the context of the financial crisis, re-examine this issue, more practical significance.In this thesis, small board of listed companies for the study, select the source of financing rate, commercial credit financing rates, bank loan financing rates and equity financing rate as a small board listed company's financial structure indicators; through the evaluation of corporate performance from four representatives selected of indicators, the use of statistical factor analysis, the overall score obtained as the business performance business performance indicators to the year 2010 cross-sectional data for the sample data, build financial structure and corporate performance model for empirical research.This financing from domestic and foreign scholars in the relationship between structure and corporate performance research, combined with our small plates listed on the company's specific situation, the financing of small and medium-board listed company structure and corporate performance analysis of the relationship and explore the contents of the following five main research parts:the first part of the Introduction, introduces the topics of the background, significance, and related literature review; second part is the relationship between financial structure and corporate performance of the relevant theory, mainly to define the relevant concepts and related theoretical analysis of the elaboration; third small part of the financing structure of its board of listed companies Analysis of business performance, mainly for small and medium-board listed company profiles, financial structure and corporate performance to describe the status quo; fourth part is the empirical analysis, mathematical statistical methods, primarily through the financing structure obtained and the relationship between corporate performance and test results based on the reasons set; fifth part is the recommendations. In the empirical findings based on the related proposals.The empirical results show that China's small board with the financing structure of listed companies have a certain relationship between corporate performance:firm performance and the rate of the source of financing and equity financing rate is positively correlated with the rate of commercial credit and bank loan financing a negative correlation between the rate financing. However, the correlation coefficient between these variables, the current board of China's listed companies, small and medium enterprise financing structure and performance-related is not large, shows that our small plates listed companies do not make full use of financial leverage.Finally, the board of listed companies on China's small and medium enterprise performance impact on the financing structure of research-oriented SMEs in China to find out the current problems in financing and financing for SMEs on how to improve the performance of policy recommendations.This thesis uses factor analysis to analyze small and medium enterprise board of listed companies performance indicators to measure the problem, using a regression statistical methods to analyze the financing of small and medium sized listed companies, board structure and corporate performance correlation.