High-tech Listed Companies’ Capital Structure And Corporate Performance-related Research

With the continuous development and improvement of China’s capital market, to maximize corporate value has been more and more enterprises as a goal to be pursued by the Company’s operating performance is also widespread concern. The capital structure of corporate governance as an important aspect, not only affects the cost of capital of enterprises, but also affect corporate governance structure and operating performance. Relations firm capital structure and corporate performance, has been a matter of great concern to researchers at home and abroad.In recent years, our country through active participation in the process of economic globalization, the rapid development of high-tech industry, has become a strategic leading industry of the national economy. With economic development, high-tech development in some of the issues have been presented, because the corporate capital structure is irrational, the effect of reducing the use of funds, the impact of the company’s operating performance. Therefore, the studies of high-tech capital structure and corporate performance, and to explore business problems of optimal capital structure for companies to reduce financial risk, improve operational performance, improve its financial position, has important theoretical and practical value.This paper describes the company’s capital structure and corporate performance theory, based on a more detailed listing of the company’s high-tech capital structure and corporate performance theory and empirical analysis correlation. Studies have shown that: the high-tech capital structure of listed companies in the ownership structure and corporate performance is positively correlated, debt structure and corporate performance was negatively correlated, that is a reasonable capital structure helps to improve corporate performance.The thesis is divided into five parts:The first part of the introduction. Mainly on research background, significance, structure, corporate performance and correlation studies on the status of the company’s capital at home and abroad, research ideas, content and research methods. The second part of the company’s capital structure and corporate performance theory overview. Introduces the concept of capital structure and influencing factors, the concept of corporate performance evaluation methods and theory, provide the necessary theoretical foundation for future research chapters. The third part, the high-tech listed company’s capital structure and corporate performance correlation theory. Mainly on the company’s capital structure and corporate performance-related basis of theoretical analysis and explore the impact on the performance of companies on capital structure theory. The fourth part, empirical correlation analysis of high-tech listed company’s capital structure and corporate performance. In2010-2012in the CSI sector and small and medium-high-tech sectors of354listed companies for the study, propose hypotheses, build models, the company’s capital structure and corporate performance empirical analysis correlation. The fifth part, the findings and policy recommendations. The results obtained in accordance with the capital structure and corporate performance correlation between theoretical and empirical analysis, make recommendations to optimize the capital structure, improve the company’s performance.