A Study On The Relationship Between The Capital Structure And The Performance Of The Wholesale And Retail Trade Of Listed Companies

This article explore the impact on performance from the capital structure of the company, It has very important significance for how to improve the wholesale and retail trade of listed companies in the capital structure to improve performance.At present, the research of the relationship mainly focused on the listed companies of the A share market. But different industries have different industries, so it is very necessary to research the relationship between capital structure and corporate performance of the wholesale and retail trade of listed companies. Because the wholesale and retail trade research basically involves little.Therefore, this article takes the wholesale and retail trade of listed companies in95listed companies as the research samples. First, the paper analyzes this industry capital structure present situation and the origin, and then extract representative company performance turnover capacity, profitability, solvency and ability of the16indicators of development from2008-2010annual report data, using SPSS and Excel software, using the factor analysis method to the16indexes are calculated and analyzed the result of comprehensive performance index PER. Then taking PER as the explained variable, current debt ratio, long-term debt ratio and the ratio of liabilities to assets as explanatory variables, non-debt tax shield and the scale of the company as the control variable, built two mathematical model (multivariate linear model and a parabolic curve model) to correlation analysis, and the calculated results the correlation test and analysis.The empirical study conclusion is:the company performance and the rate of assets and liabilities are positively related, current debt ratio and firm performance are positively related, long-term debt ratio and corporate performance is negatively correlated, there is no optimal capital structure interval, this conclusion is supported by the data from2008to2010. Finally, this paper put forward how to optimize capital structure strategy of the wholesale and retail trade of listed companies in China.