A Study On Correlation Between Enterprise's Trust From Upstream And Downstream And Enterprise Capital Structure

Enterprise's capital structure is a enterprise management strategy,optimize the capital structure is actually the game result of enterprise between the various stakeholders,the final decision of the capital structure of an enterprise,the enterprise's capital structure is indispensable to the stability of harmonious cooperation between the various stakeholders,the upstream and downstream of enterprise as the stakeholders of the enterprise,plays a very important role in the development of the enterprise.Especially in product market competition among the industry.Upstream and downstream relationship to a enterprise products production and sales,and in the case of the product market competition is intense,is willing to give of upstream and downstream enterprises trust in large part to give the support of enterprise development,but at the moment,upstream and downstream enterprises in theory research study of the relationship between trust and change the capital structure is relatively lack.Based on the above background,this paper combined with the enterprise's market position,study the relationship between trust and upstream and downstream enterprises capital structure.In this paper,by using the method of empirical study,to our country textile industry 45 listed companies as samples,the existing hypothesis on the basis of predecessors' research results,studies the relationship between trust and upstream and downstream enterprise capital structure,at the same time this paper introduced market status variables,the further study under the different market position,trust with the changes in capital structure between upstream and downstream enterprises.Through the empirical analysis,this paper found that:(1)the upstream and downstream enterprises trust has significant influence on enterprise capital structure relationship,based on the asset-liability ratio according to enterprise's capital structure,through the empirical conclusion is: asset-liability ratio significantly positively related to trust and upstream and downstream enterprises.When the upstream and downstream enterprises get more trust,its corporate asset-liability ratio will increase accordingly.Enterprise trust environment also can affect the enterprise capital structure decision-making,but good trust environment does not play a role in promoting to enterprise's financial leverage,it may be that the trust mechanism of sit even lead to in good corporate trust environment can't improve the financial leverage.(2)the upstream and downstream market position will strengthen enterprises trust and positive relationship between asset structure,under different market position,the upstream and downstream enterprises trust and the relationship between the capital structure will be affected by the market position.The enterprise's market position is higher,the asset-liability ratio also increase accordingly.(3)the nature of property right will affect enterprise's assets structure.