A Study On The Relationship Between Capital Structure And Corporate Performance Of Listed Companies In Shaanxi Province

With the advancement of the capital market in our country, enterprise financing channels have been gradually widening, and the financing environment has been further improved, however, there are big differences in different types of financing restrictions in different regions, and the unreasonable capital structure will affect the business performance to a certain extent. In view of the relationship between enterprise capital structure and business performance, many scholars have done a lot of researches, and made the research conclusion more realistic through continuously introducing new measurement index and new empirical method, but under the influence of various factors, it cannot draw a unified conclusion. From the perspective of the overall economic situation of each province, the economic development of Shaanxi province is relatively backward; in particular, the enterprise operation management is characterized by weak profitability, low investment efficiency and imbalance development. According to the above situation, this paper will, starting from the relationship between capital structure and company performance of listed companies in our province, explore the influence path of capital structure on company performance, in order to put forward countermeasures and suggestions for the listed companies in our province to enhance the performance.This paper summarizes the theory research and empirical method of domestic and foreign scholars about the correlation between corporate capital structure and corporate performance; second, it expounds the general situation of listed companies in our province, at the same time, it selects the total asset-liability ratio, short-term and long-term asset-liability ratio and return on equity as representative indicators, analyzing the present situation and the relationship between the capital structure and corporate performance of listed companies in our province; then, based on the above theoretical analysis and empirical analysis, it puts forward the research hypothesis, select the financial data of 18 listed companies of Shaanxi Province from 2004 to 2013 as the research object with the asset-liability ratio and short-term and long-term debt ratio as the indicator of the capital structure, respectively builds the linear and the binary linear regression model of the company performance, analyzing the correlation between the two.The regression results show that there is long-term and stable negative correlation between the asset-liability ratio and short-term and long-term asset-liability ratio of the sample companies and the corporate performance; at the same time, in a reasonable scope, the relationship between capital structure and corporate performance is "reverse U" type, which means the capital structure has the optimal interval. According to the results, it is advised that the listed companies in our province control the asset-liability ratio within a reasonable range, adjust the proportion of short-term financing and long-term financing, in order to ensure the sufficient, continuous and safe funds, promote the sustainable development of enterprises and improve business performance.