Research On The Impact Of China’s Nonferrous Metal Capital Structure Of Listed Companies On Company Performance

Since the MM theory be put forward, the scholars have not stopped to the capitalstructure research. From long-term study, domestic and foreign scholars think that theimpact of management behavior,in order to improve the performance of the company,we need to start from the capital structure and find the optimal level of it. But becauseof the sample difference, the economic environment changed and profession difference,beforehand research results are not suitable for the current company. Nonferrous metalsindustry has important strategic position in the economic development of our country.Our country Non-ferrous metal has own profession characteristic. And the macroscopiceconomical and the policy regulation influence it. Our country Non-ferrous metal listedcompany must pay attention to the risk in any time. The company also need unceasinglythe conformity improvement,it can be development in the market competitionsystem.The domestic scholar are few to research the non-ferrous metal professioncapital structure. So this paper regard nonferrous metal industry as the research objectand it has the important significance.This paper consists of six parts.The first part is the introduction. It mainly introduces the research background，research significance, research methods, innovation and the domestic and internationalliterature.The second part is the basic theory of corporate performance and capital structure.First of all, it mainly introduces the capital structure the three phases theory of theconnotation. Second, it analyze the advantages and disadvantages of the corporateperformance index. Finally, this part discusses the capital structure influences thecorporate performance theoretically.The third part is the analysis of China’s nonferrous metal listing Corporationcapital structure and corporate performance status. This part mainly analyzes the currentdevelopment of nonferrous metal industry, using descriptive statistical analysis theindustry’s capital structure and corporate performance status.The fourth part is the empirical study of rare capital structure affect corporateperformance. This chapter use SPSS19.0, EXCEL and STATA software to process thenonferrous metal industry financial data, which include69listed companies since2010-2013. Through the proposed construction and the establishment of model， factor analysis, correlation analysis and regression analysis, it finally draws some conclusions.To improve the company performance, the fifth part raise some suggestions basedon optimize the capital structure. The company could reduce debt levels, improve debtstructure, optimize stockholders rights structure and stock concentration.The sixth part is the conclusion and deficiencies. I summarize the research processand the conclusion of this thesis, and points out the shortcomings of this paper.This article has two innovation points:(1) The object of study: In the domestic andforeign research literature about capital structure on corporate performance, thescholars mainly analysis from the macroscopic points of view, in contrast to research tothe concrete industry. This paper, aiming at the concrete industry, taking nonferrousmetal industry as the research object, analyses the influence of capital structure oncorporate performance.(2)The choice of company performance index: Previous scholarsgenerally use single indicator like net assets returns ratio, Tobin’s Q value, economicvalue added in the selection of indicators of corporate performance empirical research.In order to more fully reflect the company performance, this paper innovates in thechoice of corporate performance indicators: selecting eleven indicators to measurecorporate performance and carrying on the research using the latest data.