Research On The Relationship Between Financing Structure And Performance Of Low - Carbon Listed Companies

With the development of the global economy, the traditional fossil energy such as o il and coal are in great consumption,not only facing more and more serious shortage of t he traditional fossil energy situation, meanwhile, global warming to human survival and development is also a challenge.Therefore, the development of low-carbon economy ha s been the world’s attention and support, as the world’s responsible second largest econo my country, China is supposed to promote the development of low carbon economy acti vely.However,due to the large risk of low-carbon economy, small profits, it needs large fund and profits are few with long recovery time, resulting in the financing is difficult. In this paper, a low-carbon sector listed companies as samples to study the carbon company common problem:Firstly, low-carbon listed company development present situation is not good.Its level of profitability in the market in the lower level of capital utilization efficiency is not high; secondly, carbon financing structure of listed companies is unreasonable. the leverage common long-term capital ratio is too low. Generally low proportion of current liabilities, non-current debt ratio is generally high, long-term debt to capitalization ratio is generally low,The ratio of the largest equity financing, debt financing and internal financing ratio and the ratio is too small,most companies’ total assets ratio is not in the reasonable scope. Most of the companies are concentrated in the developed east China coastal area while in Shenzhen and Shanghai are few.They can not play a role in large-scale energy-saving and environmental protection in the national economic development.In our study of low-carbon listed companies,the company’s financing structure and corporate performance relationships to conduct research to optimize the financing structure in order to change the status of the financing structure is irrational, the ultimate purpose of improving company performance. Based on wind financial database and company reports,selected China’s low-carbon 2009-2013,listed companies on the stock market in Shanghai and Shenzhen A-share 64, created the 320 sets of data,multiple linear regression model. Using latest financial data of low-carbon listed companies,he used regression analysis of empirical research to analyze operating performance and financing structure, with earnings per share,return on net assets on behalf of low-carbon listed companies business performance indicators, equity financing rate, the rate of internal financing, debt financing rate represents the financing structure, analysis of the financing structure of the impact on corporate performance, derived financing structure of low-carbon listed companies in the equity share of financing the largest, followed by the proportion of internal financing, debt financing smallest proportion, there is a significant positive correlation between internal financing and corporate performance, asset size of corporate has a significant positive impact on company performance, a significant negative correlation was existed between equity financing and corporate performance, debt financing has a significant positive impact on company performance.Finally, according to the analysis results,optimize the structure of China’s low-carbon financing of listed companies, and make relevant recommendations.