The Correlation Study Of Capital Structure And Corporate Performance Based On Cultural Industry Listed Companies

Capital structure is a very important issue in the financial management theory. And the rights and obligations of corporate stakeholders are also embodied in the capital structure (debt structure and ownership structure) terms, therefore, the theory of capital structure has a very significant impact on enterprise value. Reasonable capital structure is helpful to standardize their behavior and improve business performance. Moreover, changes in the capital structure of the company is also able to deliver the information of company’s future earnings expectations for external investors, especially the correlation between the theory of capital structure and corporate performance make the capital structure more and more get the attention of economists and management scholars.Eighteen government report made it clear that push forward the construction of China’s socialist cultural power and construct the cultural industry into a pillar industry of national economy. But so far, there are only 34 cultural listed companies in our country. Estimated that over the next five years, only the cultural industry increases at least 33 cultural listed companies average annual, the proportion of cultural listed company is likely to achieve an overall 5% of listed companies, thus achieve the goal of the construction of cultural industry into a pillar industry. Moreover, the current cultural industry in China is still in its infancy, relatively small, inadequate understanding in many ways. And operating performance is not good enough, development is very immature, especially in the debt structure, therefore, to study the correlation between the theory of capital structure and corporate performance is very important for stakeholders and government. This paper selects the culture industry as the research sample to explore the correlation between the theory of capital structure and corporate performance, hoping to find a reasonable capital structure (debt restructuring) for cultural industry listed companies to provide a reference.This paper is based on the theory of capital structure, corporate performance. And regarded three theories as basic bridge, it establishes the relationship between capital structure and corporate performance, selects the cultural industry listed companies of Shanghai and Shenzhen A-share as research samples, analyses the relationship between capital structure and corporate performance by descriptive statistics and multivariate linear regression. The main contents of this article are as follows:first of all, carry literature review and literature review on the relationship between capital structure and corporate performance from both foreign and domestic dimensions; in the next place, define the cultural industry listed companies, and carry systematically theoretical analysis on the present situation of capital structure and corporate performance of cultural industry listed companies by descriptive statistics; once more, carried the empirical analysis on the correlation relationship between the cultural industries industry capital structure and corporate performance through descriptive statistical analysis, principal component analysis, correlation analysis, multiple linear regression analysis; then, through empirical analysis results obtain:set-liability ratio of cultural industry listed companies and corporate performance are significantly negative correlation under the 5% level; short-term debt ratio and corporate performance are significantly positively correlation under the 10% level; long-term debt ratio and corporate performance are significantly negative correlation under the 10% level; there is a u-shaped relationship between asset-liability ratio and corporate performance, but there is an inverted U-quadratic relationship; finally, according to the conclusions of this study, put forward the corresponding policy recommendations for cultural industry listed companies to optimize the capital structure and to improve the corporate performance of cultural industry listed companies. In addition, this paper put forward the research limitations and future research prospects in the end.