Empirical Research Between Relationships Of State-owned Listed Company’s Capital Structure And Corporate Performance

Enterprise value maximization is enterprise’s financial goals, how to maximizethe value of enterprise, involves many of the formulate problems of financial policyin modern enterprise financial management, including the capital structure decisionis an important content of financial decisions. In China, the research of thestate-owned listed companies capital structure is very popular in recent years, manydifferent economists put forward a number of different capital structure theory fromdifferent aspects and point of view, and has carried on to extend discussion andresearch it, but different people, different views, the conclusion is not completely thesame, what relationship exists between capital structure and corporate performancehas not yet reached a consensus on a field.Though accounts for a large proportion of our country state-owned listedcompanies, careful observation will find too many problems, such as the financingpreference and because of the government, the enterprise itself and external causesand other causes of low efficiency. Our country state-owned listed companyperformance has made outstanding achievements, but the capital structure still existsmany problems, most of the state-owned listed companies restructured bystate-owned enterprise, so a higher proportion of state-owned assets, most listedcompanies equity set more concentrated, state-owned agent shares equity withcompany managers tend to have a common interest, lead to listed companies "insidercontrol" phenomenon is serious; Moreover, enlargement of the scale of productionand operation of state-owned listed companies is not mainly rely on their owninternal accumulation, but by borrowing and issuing shares to raise funds andexpand the scale, our country state-owned listed company equity financing is muchhigher than debt financing, there are serious equity view of creditor’s rights.In this article, the major problem is to research the mutual relationship betweenour country state-owned listed companies capital structure and corporateperformance, things impacted the state-owned listed companies performance can be discussed from various aspects, microscopic factors, such as our country state-ownedlisted companies internal operation and management factors, and macro influencingfactors, such as the economic operation of the state-owned listed companies, at thesame time, we also can’t ignore the industry factors that make impact on theperformance of state-owned listed companies, this article take the conclusion byempirical analysis, that is our country state-owned listed companies capital structureand corporate performance is positively correlated relationship. In turn，we putforward the countermeasures that，maintain the flexibility of state-owned listedcompanies capital structure, to vigorously develop the bond market, optimize thedebt financing, improve the rights and interests of capital control, active use of signalfunctions of corporate performance improvement corporate capital structure.