Research On The Relationship Between Financing Structure And Operating Performance Of New Three Board Listed Companies

The development of Enterprises need sufficient financial support,for a long time, small and medium-sized enterprises in China have been subject to the shortage of funds, and the situation is ubiquity that the financing is difficult, expensive and even the financing environment is poor. Meanwhile, Due to the single financing channels and limited sources of funding, resulting in the unreasonable financing structure, seriously affecting the business and long-term development of enterprises. In the face of "narrow gate" in the motherboard market, Small and micro enterprises can only be discouragedp, it is difficult to obtained continuous exogenous financing in the capital market. In recent years, with the formal establishment of the new three board and continued expansion, gradually making up the lack of China's multi-level capital market. By the end of May 2015, there are 2487 enterprises listed in the new three board. The new three board market access threshold is low, positioning in the high-tech enterprises, service start-up of small and micro enterprise financing, equity transfer needs to provide a broad platform for the financing of small and micro enterprises. whether the financing structure is reasonable will have a direct impact on the operational efficiency and the effect of funds, and thus have an impact on business performance. Therefore, what kind of financing structure should be chosen is a subject that needs to be considered when making financing decisions.As for the subject of the effect of financing structure and operating performance, although it have been a lot of essays Although many scholars have analyzed the relationship between financing structure and operating performance, the existent empirical analysis also does not have a consistent conclusion on this issue. Therefore, it is necessary to do further research on this aspect. By studying the structure of corporate finance, performance-related issues can not only promote the sustainable and healthy development of the new three board listed companies, but also for improving China's capital market is also significant.Therefore, this paper points out the problems for study, firstly, the research purpose and meaning. Secondly, this paper elaborates the related theory of capital structure, and the related literature at home and abroad were reviewed Thirdly, analyze the financing structure characteristics and performance status. Then, do empirical research of capital structure and performance. Finally, combined with empirical research results, optimize financing structure, and also propound the policy. Suggestions to improve the performance of companies. The innovation of this paper lies in: first of all, this paper select the new three board listed companies as the research object, which is lack of empirical research recently. Second, the financing structure of the new three board enterprises is divided into three aspects: internal financing, debt financing and equity financing. Thirdly, the paper uses panel data to make an empirical analysis.In this paper, the research method include specification writing and empirical analysis combining with the financing structure, the performance of the relevant literature and the classical theory, by using the companies' financial panl data to make an empirical research. The results show that:(1) The internal financing and business performance of enterprises of the significant positive correlation.(2) the asset liability ratio and operating performance showed a significant negative correlation.(3) the proportion of the first largest shareholder and business performance was positively correlated. Finally, This paper analyses the empirical findings reasonably. Putting forward measures involved in the internal structure of their own funds. Improving the economic and legal environment to enhancing the business performance of the new three board listed companies in the current circumstance. Including the following measures:(1) to strengthen the use of internal funds, regulation and control of the proportion of assets and liabilities, the development of diversified financing channels.(2) to give full play to the role of financial institutions, and to increase the supervision and restraint of enterprises.(3) to develop a multi-level capital market system, and constantly improve the market mechanism.