Research On The Influence Of Capital Structure On Corporate Performance From Different Industries In GEM

The capital structure theory has always been the hot topic in academic circles at home and abroad.The western developed countries have already formed systematic capital structure theory,but the study of capital structure theory in our country started relatively late.Besides,most of the study in our country focused on Shanghai and Shenzhen Stock Market,so the Growth Enterprise Market(GEM)hasn't gotten enough attention.The Growth Enterprise Market(GEM)was set up in 2009 and is the financing platform for the middle and small-sized high-tech enterprises in our country.It has been one of the most important part of the capital market in China.At present,the problems of capital structure in GEM is become more and more serious,which are different among industries.By the way,they make it difficult to improve corporate performance in the whole GEM.Therefore,the study of the relationship between capital structure and corporate performance in GEM is needed.And we also need to pay attention to the influence of industry characteristics.Based on this background,the paper selected annual report data during six years from2010 to 2015 of all GEM listed companies.First of all,according to the classification of industry which was put forward by China Securities Regulatory Commission in the file named <Industry Classification Guidance of Listed Companies> in 2012,and based on the situation of capital structure and relationship between capital structure and corporate performance of GEM,the paper analyze the situation of capital structure of the GEM industry to conclude that the capital structure characteristics of various industries,and divide into three types of relative to the growth enterprise market's overall capital structure.Then,the paper began specific research into industry characteristics about the relation between capital structure and corporate performance.The paper put forward two research hypotheses,namely(1)the asset-liability ratio is negatively related to the corporate performance,(2)long-term capital debt ratio is negatively related with corporate performance.Taking the net interest rate of the total assets as explained variable,asset-liability ratio and long-term capital debt ratio as explanatory variables,total assets of natural logarithm and operating income growth rate as control variables,the paper designed regression analysis model and used the methods of partial correlation analysis and multiple linear regression analysis.Through the analysis,the hypotheses has been proved to be correct.Besides,we got a conclusion about that under different types of industry,the company's capital structure is different,and the relationship between capital structure and corporate performance is also different.The paperselected three industry which were manufacturing industry,wholesale and retail industry,animal husbandry,ecological-economic as the representative of the three types of capital structure to analyze the cause of the relationship between capital structure and corporate performance.Finally,the paper put forward that it is necessary to pay attention to industry factors when in the study of capital structure and corporate performance relationship in GEM in the future.Furthermore,the paper also put forward some suggestions to the improve the corporate performance of all GEM.The paper studied the problem of the relationship between the capital structure and corporate performance of GEM in the perspective of the industry,and put forward some targeted suggestions.It is rich perfected the theory of capital structure in our country,at the same time,the development of GEM company of our country has a certain guiding significance.