Research On The Influence Of Financing Structure To The Growth Enterprise Market' Stock Price Fluctuation

By adjustingthe structure ofcorporatefinancing, then enhancing thecompany's governance structureandoperating performance, to create a goodreturn on investmentfor investors, at the same timebe able tobring supportthrough the development ofcapitalmarketsfor China's real economy, which is the mainpursuit of China's stock marketbuilding.However, there isa serious departure fromourstock priceperformance oflisted companiesthemselves, butina moresuccessful stockmarket, stock pricechangesreflect changes inthe listed companiesgenerallyoperating conditionsfor development.This article will fromthe perspective oflisted companiesand financing, healthresearchenterprisefinancing structureforthe stock pricefluctuations.In this paper, by studying the correlation between GEM listed companies' financing structureand volatility to investigate the effect oflisted companiesstockprice changes bychanges inthe financing structure, proposedchanges inthe financing structurethroughthree pathsto influencethe company's ownoperating performance, governance structureother intermediaryvariablesthereby promotingthe company's stockchanges. These threeare thepathof endogenousfinancingshare pricevolatility; impact ofdebt financingon thestock pricefluctuations; the impactofstock price volatilityofequity financing.In the empirical study, selectour GEMlisted companiesfrom 2010 to 2014 five yearscontinued listingof72 companiesa total of360 datapanelas a sample, using feasiblegeneralized least squaresmethodin Stata12.0softwareregression analysis,Sampledataanddescriptivestatistical tests, feasiblegeneralizedleast squares estimation,robustness testing,and thengradually addedcontrol variablesbyregression analysisto obtainrelevant results. Through theempiricalanalysis of the results, the following conclusions: First,internal financingratioofstock pricevolatilitywas a significantnegative relationship, this paperverifiedtheproposition H1,ieinternal financingandequity financingto a certainextent, helpstabilizethe stock priceof GEM companies; Second,the ratio ofdebt financingand stock pricevolatilityis positively correlated, it was found on the growth enterprisebusinesses,the higherthe proportion ofdebt financingis not conducive tothe stability ofthe stock; thusvalidate thepropositionhereinafter H2 "U" shapedhalfthis maybethereasonthe costoffinancingthe GEMmarketdebt financingis relatively high. Increase inthe debtratiowillsignificantlyaffect the company'sfinancing costs, is not conducive tothe stability ofthe stock; Third,the ratio ofequity financingshare pricevolatilitywas a significantnegative relationship, butthis article Proposition H3 inconsistent.At present,Chinais probablythe country GEMshares issuedwith respect tothe cost offoreign developedmarketsdue to lowfinancing costslowerour stock marketlisted companiesto raise fundsafterfastcanseizeopportunities, enhance the competitivenessofthe companyforce, the company's operating performancewillbe enhanced andwill help the companyshare pricestable, the stock pricefluctuation.