Research On The Impact Of Performance Of China’s Automobile Manufacturing Industry Listed Companies Capital Structure

Enterprise is not only the body of the product market, but also is themain body of the capital market, but its role in the capital market is often ignored inour country, especially our country is in economic transition period now, it has greatsignificance to adjust the capital structure. Financing is one of the important behaviorsof enterprises in the capital market; the operating performances of the company aredirectly affected by the ways and methods of financing. If the company wants toincrease its market value, the basic thought is the adjustment of capital structure. Thestudy of capital structure in our country mainly concentrates on the optimization ofcapital structure, influence factor of capital structure and so on, but on a singleindustry, especially the research of car manufacturing is less, the capital structure ofdifferent industry difference is very big based on the basis of the study of capitalstructure theory.This article is analyzed by comparative analysis and statistical descriptionmethod, it found that China’s automobile manufacturing asset-liability ratio is low;current liabilities is on the high side; equity is concentration. So foreign literaturecan’t completely be the basis of research automobile manufacturing industry listedcompanies in our country. In this paper, I put structure and ownership structure on thesame model and research from two aspects the relationship between capital structureand corporate performance. Through to the early capital structure theory-agencytheory、the optimal sequence financing theory、signaling theory、trade-off theory andso on which are related to capital structure theory analysis, I sort out the financial dataof listed companies form2010to2012among69factories. After selecting index、model、using panel data model analysis and verification of the empirical analysis, Iget these results: asset-liability ratio and long-term debt to total assets ratio、thebiggest shareholder shareholding has positive correlation with corporate performance,the ratio of short-term debt to total assets、the proportion of tradable shares、companysize and corporate performance is a negative relationship. Among them, theshort-term debt has no significant relationship with corporate performance.Finally, according to the results of Chinese automobile manufacturing industryand the development of the capital structure and corporate governance, I put forwardsome valuable reference advice.