An Empirical Study On The Capital Structure And Operating Performance Of Listed Companies

In early 2006,the State Council will be independent innovation strategy into the 11 th Five-Year plan,the state government in response to the proposed innovative strategy for innovative enterprises to give policy support and help.In recent years,the ranks of high-tech enterprises based on scientific research and innovation are becoming larger and larger.The growth enterprise market is more conducive to the listing of high-tech enterprises,and can effectively deal with the various problems encountered in the funds.From its inception in 2009 to the end of 2015,a total of 500 enterprises have settled in the GEM market,then the scale has been growing larger and larger.However,in recent years,the performance level of China's GEM companies has not been stable,which has aroused widespread concern of researchers.In the research,it focuses on the factors affecting the capital structure and how it affects the company's performance in the capital market,and then puts forward some suggestions to improve the enterprise value.Capital is the foundation of an enterprise's work and continuous operation,and its capital structure can reflect the proportion of capital composition.Therefore,the capital structure will inevitably affect the day-to-day operation of the company and the inflow of economic benefits,thereby affecting the overall performance level.On the basis of describing the relevant theories of capital structure,this paper mainly explores the GEM market.At the same time,the sample data of 2009-2015 are selected to compare the financial data of different industries and regions in the listed companies of gem,and summarize the current trends of their capital structure.In this paper,descriptive statistics method is used to discuss the current situation of GEM listed companies,that is,the overall debt ratio of China's high-tech enterprises is too low,the current ratio is high,and the development of debt structure is irrational.In the empirical research design,the paper draws conclusions with factor analysis and multiple linear regression analysis with the help of SPSS20.0 software tools,and validates the hypothesis.That is,The business has a linear relationship with a negative correlation between capital structure and business performance in listed companies;current debt ratio is negatively correlated with business performance;business performance and company long-term debt rate is negative correlation;the proportion of the first shareholder has negative correlation with corporate performance;the relationship between firm size and business performance is not obvious.Finally,according to the empirical results,we draw a conclusion that the performance of GEM listed companies is relatively poor,which is caused by inappropriate fund composition.We can adjust the capital structure according to the research conclusion,and then enhance the comprehensive performance of enterprises,increase wealth in order to achieve the goal.