A Study On Corporate Governance, Cash Dividends And Over?investment Behavior

Construction industry is labor intensive and capital intensive industry which is greatly influenced by macroeconomic and policy control. Reasonable capital structure plays a key role on sustainable healthy development and performance of construction industry which will eventually affect the country's economic development. Due to the state support of infrastructure, urbanization process accelerated. we have increasing demand for construction services. Construction of the listed company in our country face a series of problems,such as funding gap?Low management level and corporate performance ? high asset-liability ratio and unreasonable equity structure. It is necessary to research the influence of capital structure on corporate performance. Then improve the corporate performance and prevent financial risks by optimizing the capital structure.This article elaborated domestic and foreign scholars on the capital structure theory in the study of the status quo. 52 a-share listed construction companies in China as the research object, We research the present situation of construction enterprise capital structure and corporate performance. We select company profit ability, operation ability, debt paying ability, developing ability of multiple indicators to build the quantitative model of corporate performance. And Use factor analysis method to arrive at a comprehensive factor score values to reflect comprehensively the corporate performance. By constructing econometric model,Analysis the three aspects of capital structure, namely, financing structure, debt structure, ownership structure and corporate performance quantitative values between the regression results. According to the result of optimal fitting model, we get Regression analysis conclusion. Financing structure and legal person share of listed construction companies negatively correlated with corporate performance. Current liabilities ratio, ownership concentration positively correlated with corporate performance. According to the conclusion, we put forward to countermeasure and the suggestion of optimizing the capital structure of listed companies.1. Appropriate to reduce debt levels, improve corporate performance; 2. Raise the proportion of current liabilities, Optimize the structure of debt; 3. Keep the moderate shareholding concentration, optimize equity structure; 4. form a diversified ownership structure.