| In the era of knowledge economy, knowledge-intensive business service (KIBS)has a very important position in China’s national economic development. China’s KIBSindustry is developed with the support of national policies and economic developmentin the early21st century. As we know, the KIBS have special economic position andcapital structure. It has important theoretical and practical significance to study therelations between the capital structure and firm performance.Firstly, this paper recognized the concept of China’s KIBS industries and divisionthe industry. KIBS industries have the characteristics that dependent on knowledge,human resources, reputation and innovative mechanisms, its governance structure andmode of financing is also different from the general industry. Secondly, we introducedthe characteristics in China listed companies. We also analysis capital structure andperformance level of KIBS listed companies. The data is from the year2005to2009,draw the following conclusions: the KIBS listed companies have the capital structurecharacteristics of low financial leverage and short-term debt financing. After that, wemake empirical studies about the correlation of capital structure and firmperformance.The study sample was choose from the A-share listed companies of KIBSin2009, we add control variables and make a systematic analysis about the relations ofcompany characteristics, corporate debt structure on corporate performance. Theresearch found: asset-liability ratio, the proportion of intangible assets, ownershipconcentration and corporation size has a significant impact on the KIBS listedcompanies assets of net profit rate.Finally, this paper proposed the suggestions for Chinalisted companies to optimize capital structure and corporate performance: One side, theKIBS should improve the external financing environment and governance mechanisms;on the other side, they should actively participate in internationalcompetition and training high-quality compound talents. |
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