The Related Empirical Study On Capital Structure And Enterprise Performance Of Automobile Industry Listed Companies In China

In1952, David·Durand proposed capital structure theory. Since then, the academic circle on the influence factors of the capital structure theory. With the development of research, scholars have gradually to capital structure and the enterprise to track the performance of the association.This paper, based on the previous research, the selection of the domestic auto industry listed company as the sample. At the same time, this paper in the sample company capital structure and the enterprise performance of empirical relationship for research. The research object for deep Shanghai two city shares and automobile companies, this article from the sample company in financial report obtained1020sample observation, the study period for2006-2010.In the article propose six research assumptions, this paper established a linear regression model, fitting a quadratic regression model and multivariate linear regression model. Using PASWStatistics18.0(SPSS) statistical analysis software to a regression analysis of the data. The conclusion of this study are:capital structure and the enterprise performance negative correlation, and two has the interactive relation; The first big non-state-owned shareholding percentage and enterprise performance is positively related; State-owned shareholding proportion and enterprise performance negatively correlated; Tradable shares and enterprise performance are related.This paper points out that the auto companies existing problems, and to analyze it, finally puts forward some improvement Suggestions. First of all, car companies should optimize capital structure. Secondly, car companies should perfect the corporate governance structure. Third, The government should formulate policies to promote the improvement of the bond market mechanism, the realization enterprise financing channels of the diversity and the financing way diversification. Fourth, the government should also improve the enterprise bankruptcy system, to safeguard the legal rights of the creditors, reduce the creditors in debtor the losses of the enterprise bankruptcy.The innovation of the study is that choosing the automobile industry listed company and the capital structure and the enterprise performance a two-way interaction as the research object,. The empirical study, automobile industry of the listed company capital structure and the enterprise performance of empirical studies rarely. Combining with the actual situation of the automobile industry of the argument analysis, this article’s research has certain targeted and innovative.This study has certain limitation. For example, sample shortage, the study period span is not enough. Many factors influence the capital structure and in enterprise performance, this paper did not consider for the study of the macro environment influence.The study on the car industry listed company forward the suggestion, in hopes of auto industry the listed company to improve financial situation, and improve enterprise performance provide a theoretical significance.