Empirical Research On Capital Structure And Profitability Of Logistics Industry Listed Company In Our Country

The puzzle of capital structure is always an important issue in the field of financial studies.Different decisions on capital structure of the company,will lead to the different mode of company financing,thus directly affecting and restricting the profitability.It's true that there are many ways to improve the profitability of enterprises,and capital structure adjustment will undoubtedly have an important influence to improve the profitability of the company.With the modernization of the development of economy,Chinese logistics industry has been growing rapidly.Undoubtedly,researches on the relationship between capital structure and profitability can provide a theoretical guidance for the company in optimizing capital structure and improving the profitability,and can draw the capital structure theory closer to the practice,thereby to provide a new idea for the innovative development of Chinese logistics companies in new normality.This paper first exposit the research background,significance and purpose,makes a review and induction in the research results of domestic and foreign in the direction of the reference.The author finds rare researches focusing on companies in logistics industry which have their uniqueness,though logistics companies are already an indispensable part for the modern economy and social development.For this reason,this paper chooses logistics listing corporations as object of study,the correlation of capital structure and profitability as mainline,borrowing ideas from existing interrelated theories,chooses related financial data of 52 logistics listing corporations in 2014 from Ruisi database.Firstly,by principal component analysis,the paper makes a dimension-reduction treatment for the related indexes which influence company profitability;then,by using multiple regression analysis,the paper makes an empirical analysis on the relation between capital structure and profitability.Certain basic conclusion are as follows: the asset liability ratio and profitability is negatively correlated;long-term debt ratio and profitability is positively correlated;negatively related between current liabilities ratio and profitability;ownership concentration,ownership balancing system and profitability is positively correlated;firm size is negatively correlated with profitability;positively correlated with company growth andprofitability.Based on the analysis before,the author puts forward some suggestions in bond structure optimization,equity structure optimization and other sides,in the hope of seeking a new way for the innovative transition development of Chinese logistics companies.