The Empirical Research On The Relationship Between Capital Structure And Performance Of Listed Companies In New Energy Industry

Capital structure is an important and very complex problem in financial theory. Thestakeholders’rights and obligations are manifested in capital structure. Therefore, capitalstructure has a great influence on the corporate governance as well as corporateperformance and reasonable capital structure can help standardize the business practice andimprove the corporate performance. What’s more the change of capital structure is alwaysconsidered as the signals of expected revenue in the future to external investors，especiallycapital structure has certain effect on corporate performance which makes the theory andfinancial circles pay much more attention on it.<CLEAN ENERGY TRENDS>shows thatnew energy has become a competitive form the investment in energy technology increasesquickly and has become one of the world’s fastest-growing market. since new energy in ourcountry is still in the initial stage at present. There are many understanding shortages inmany ways,and development is immature,especially in the capital structure.So this issue isparticularly important to the shareholders in our country.This paper chooses new energylisted companies as the object to discuss the relationship between capital structure andperformance of company, thus providing some references for new energy listed companiesto seek reasonable capital structure.This paper firstly reviews and comments the theory and empirical evidence of therelationship between the ownership structure、debt structure and the corporate performanceon the basis of the definition of capital structure.Then basised on the financial data of newenergy industry between2009-2011,this thesis analyzes the trend in capital structure andthe variables in corporate performance,so as to analyze the change trend of the relationshipbetween capital structure and corporate performance in new energy industry andprovidespowerful reference for the following study.Above the theory analysis anddescriptive statistics and using EVIEWS,this paper analyses the relationship betweenequity structure,debt structure and corporate performance empirically,this paper choosesthe TQ as the performance indicators,and then makes regression analysis using performance indicators and debt-to-equity ratio、the square of debt-to-equity ratio、longcapital ratio,and concludes the inner link between the capital structure andperformance.The conclusion is drawn that the best capital structure exists in new energyindustry.Finally,I gain some inspirations according to empirical conclusions,and then giveseveral suggestions hoping to improve capital structure and financing environment on NewEnergy Industry,Through this thesis,I hope I can play a role in searching capital structureimproving corporate performance to New Energy Industry.