| The GEM has been playing a crucial part in the capital market since its foundation.Being an important supplement to the main board market,the GEM provides financing channels and growing space for many entrepreneurial enterprises,minor companies,and high-tech industries.As an important research content in financing,the capital structure and capital growth have attracted much attention.Therefore,it is important for GEM public companies to construct efficient and valid capital structure.Compared with main board market,the GEM was established more latter and its business model is entirely new.Moreover,the existing research has been devoting to the financial risk assessment and factor of capital structure,rather less attention has been paid to the GEM.In order to keep fast and steady development of GEM and avoid potential financial risk,this paper studied the influence of capital structure on enterprise growth based on GEM public companies.In this research,with the last three year's financial data of 170 GEM public enterprises,the paper has selected twelve indicators that reflect the enterprise growth and further make overall measurement based on factor analysis.In this paper,the financial indicators have been divided into four parts,namely asset-liability ratio,long-term debt ratio,commercial credit rate and equity financing ratio.Besides,with multivariate correlation analysis,this study carried out the empirical research on the proposed model.The results show that the asset-liability ratio is negatively correlated with the enterprise growth,and the equity financing ratio is positively related to the enterprise growth.In addition,the long-term debt ratio is positively related to the company growth,and the commercial credit rate is negatively related to the company growth.In conclusion,in terms of theoretical and empirical aspects,this article studied the influence of capital structure of GEM public enterprises on their growth in our country. |
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