Research On Capital Structure And Corporate Performance Of Listed Port Companies

Port, as an important logistics nodes, is not only the increasing pole of regional development but also the hub of global resource allocation, with the development of economic globalization, the financing of the port gradually,becoming a major problem, determine the survival and development of the port. From the mid-1980s, the state’s coastal port management system made significant reforms and went through the central competent period, the central and local governments during the dual management, local management period, port construction investment and financing system also made a major adjustment,the policy Port, Bogaidai, Yi gang yang gang, had been implemented, these investment and financing policies conform to the development of the times, so that our port formed a diversified financing model.The main styles of domestic port financing include government finance, foreign enterprises loans, loans to domestic financial institutions, securities financing, internal financing, joint ventures, special funds, etc., but the nearest few years the situation, the central and local investment in the port have been declining, foreign government loan application becomes more difficult, the careless use of the way of joint venture will hurt businesses. Now in the domestic it will be difficult to establish a special fund, it will increase the burden on enterprises. With the increasing port enterprises, financial markets continuing to improve, continuing to reveal the advantages of public financing, debt financing in the port enterprises still account for a large share of the financing, these two methods have gradually become the main mode of financing of port enterprises. Since the 1980s, more and more China’s port enterprises begun public financing, the current Chinese ports have had more than 20 listed companies, China possess the world’s most listed port,in the future we will have more listed port, although there are many benefits by equity financing, but the intricate relationships of port enterprises and government departments still exist, the effectiveness of equity financing is still open to question.The bank loans, one of debt financing, still accounted for a large part in a longer period of port construction, port enterprises will bring greater repayment pressure. Secondly, the corporate finance theory of the Chinese port contrary to the order of the pecking order, that port enterprises have obvious preference for equity financing, followed by internal financing, debt financing finally, in the Chinese port of corporate finance theory cannot make the order to maximize enterprise value, by analyzing relation between the financing structure of listed companies with operating performance, we hope to find the optimal financing structure and effectiveness of public financing of Chinese port enterprises,it is of great significance for the development of China port.The article, based on panel data of China’s port listed companies from 2009 to 2013,research relationship between financing structure of listed companies in China’s port and Port Performance through theoretical analysis and empirical research. In the theory, from the view of the financing structure impact on the performance we summarize the literature on business performance and try to clarify the relationship between corporate financing structure theory and performance. Empirically, we firstly calculate the overall performance of the port. From the perspectives of the port’s competitiveness and financial performance, we set 13 indicators and use the entropy method to get comprehensive performance value of 13 ports on five years. Then we use integrated performance values and the financing structure variables panel data to analyze, we make empirical tests on the impact of the financing structure of listed companies in China’s port to port performance, and we make optimization recommendations of existing problems based on the actual situation of China’s port business financing and the empirical results of the financing structure of listed companies in China’s port. In macro, it’s important to improve the port legal system and further separate government functions from enterprise management, reduce barriers to entry of private capital; In micro, port enterprises should avoid blindly choosing public financing, reducing dependence on bank credit while leveraging debt municipal finance, constructing ports financing platform for their own.