The Reserach On Influence Of The Capital Structure For Financial Perfarmance Of Gem

Capital structure is worthy of study for its great theoretical and practical value. At the same time, the problem of capital structure is a key problem in the financial administration of modern enterprise, whether its installing condition is reasonable or not has an important effect on enhancing the performance of companies. And the theory of capital structure of corporation have become hotspot subject in securities business since1958. The conclusion that the capital structure influences the financial performance was agreed and accepted, but still has no clear and consistent conclusion on the above two issues. The financial researchers have always been seeking for the relationship between the financial structure and financial performance. And many financial researchers raised different capital structure theories from different angles. For example, the theory of signal transfer, the pecking order theory, the theory of control-rights shift and the agency cost theory. So what on earth is the relationship between the capital structure and the financial performance of Chinese listed companies, How to improve the capital structure of Chinese listed companies, and how to enhance the financial performance of the listed companies of Growth Enterprise Board. The main aim of this thesis is to offer a theoretical explanation and prediction on the relationship between the capital structure and corporate financial performance.This thesis mostly take the relationship of capital structure and financial performance of Chinese Growth Enterprise Board listed companies as research object, discuss the effect of capital structure of Chinese listed companies to capital perform from two angles of theory and demonstration. The paper is expanded according the clue of "put forward the problem--analyze the problem--solve the problem". Firstly, This thesis introduce the feature of the listed companies of Chinese Growth Enterprise Board and the differences between the stock market in and aboard. Secondly, This thesis both takes a analyzing of the capital structure and the financial performance. Thirdly, we take a demonstration analysis to the relationship between capital structure and financial performance through financial dates of the listed companies of Chinese Growth Enterprise Board of2010, using ROE as dependent variable, the rates of debts as independent variable and using the SPSS software to analysis. The results of analysis indicate:the rates of debts are negatively correlate to financial performance of company, and the rates of the long debts has no relationship with the financial performance of company, lastly, we offer some suggestions of perfecting capital structure and improving financial performance of the listed companies of Chinese Growth Enterprise Board.