The Capital Structure,Corporate Governance And Corporate Performance

In March 2015,xi jinping,chairing of the political bureau of the CPC central committee meeting,officially the civil-military integration development rises for national strategy,and put forward the formation of "total factor,multifaceted and high benefit depth of civilmilitary integration development pattern".Capital integration and organization integration are important embodiment of civil-military integration,the two will directly affect the military enterprise capital structure and corporate governance,and then through the military enterprise operating costs and to all the stakeholders rights relationship affect the enterprise management and decision-making in the construction of the performance and further affect the military enterprise.This paper under the perspective of civil-military integration capital structure and corporate governance indicators of the performance of military enterprise,clarify the relationship between the three,thus to optimize the military enterprise capital structure in our country,provide Suggestions to improve corporate governance,improve enterprise performance.Based on China's military industry listed companies as the research object,on the capital structure,corporate governance and corporate performance based on system analysis related theory,and for our military enterprise capital structure,corporate governance and corporate performance development has carried on the detailed description under the background of military and civilian integration,and put forward relevant empirical research hypothesis.The article selected the relevant data from 2003 to 2015 and from 2011 to 2015,using the empirical regression model to study the relationship of listed military enterprise between capital structure?corporate governance and corporate performance and the change of the relationship between the three under the background of the civil-military integration policy.The empirical results show that the military enterprise capital structure and governance mechanism on corporate performance are closely linked,with most of the research hypothesis got certificate should be accurate,but in some ways,but showed the opposite results,and presents a larger changes before and after the civil-military integration.The empirical results show that the military industry listed companies asset-liability ratio is negatively related to the enterprise performance significantly,the state-owned military enterprise long-term debt ratio is negatively related to the enterprise performance by the military and civilian integration before to no significant positive correlation,while the people join the army enterprise significant positive correlation;Corporate governance,the first big shareholders holding,equity balance degree and significantly positively related to corporate performance;The board size is negatively related to the enterprise performance by the military and civilian integration before a positive correlation,but the chairman and general manager have two separation is negatively related to the enterprise performance,the people in the army enterprise is particularly significant;The board of directors of the listed state-owned military enterprise independence and corporate performance by the former military and civilian integration significantly positively related to no significant negative correlation relationship,and the people to join the army enterprise board independence and significantly positively related to corporate performance;Incentive mechanism,state-owned military enterprise management equity by the negative into a positive significant correlation,the people in the army enterprise under the 1% level significantly negative correlation,the state-owned military enterprise management from no significant negative to positive significant correlation.Military enterprise asset-liability ratio and executive compensation interactive items shown as positive significant,say by military enterprise asset liability ratio can improve the corporate governance,thus to form a positive influence on enterprise performance,while manufacturing enterprise results are just the opposite.Finally,the article according to the empirical results of the analysis,in order to optimize the military enterprise capital structure improve of corporate governance,improve enterprise performance,from the capital structure,ownership structure,board governance and management incentive four aspects provides some Suggestions.