Research On The Relationship Between Capital Structure And Financial Performance Of The Companies Listed On GEM

The problem of capital structure is the content of contemporary economics research field and modern enterprise management.Whether the listed companies of gem can properly choose the capital structure of the enterprise,which has a very important influence on the performance of the company.Gem market is a new type of market for high tech industries and small and medium enterprises with good growth.The capital structure of listed companies on GEM is different from the motherboard.Because of its short opening time,the research on the capital structure of listed companies on the gem is not sufficient.Study on the relationship between capital structure and financial performance of Listed Companies in China's gem can optimize the capital structure.In addition,it will provide theoretical basis and practical direction for the company to optimize the capital structure.It is of great significance to promote the development of China's small and medium-sized enterprises and accelerate the adjustment of the economic structure of our country.This thesis consists of three parts: theoretical research,empirical research and case analysis.First of all,this paper describes the research background,significance and research content.The theoretical research part,the first is to summarize the correlation between capital structure and financial performance.Then it defines the concept of capital structure and financial performance,and expounds the main theories of capital structure and the theory of financial performance evaluation.Making a concrete analysis on the gem companies,mainly from the debt structure,ownership structure and financial results.In the empirical research part,this paper selects the 316 listed companies in the gem 2013-2015 financial data as the research sample.By using descriptive statistical analysis,Pearson correlation analysis and multivariate linear regression model,the paper study the relationship between asset liability ratio,long-term capital debt ratio,current liabilities ratio and the proportion of the top five shareholders and financial performance.In the case analysis part,this paper selects the S-W test and correlation analysis method to verify the correlation between the capital structure and financial performance.The conclusion of the study shows that the gem enterprise asset liability ratio,long-term debt ratio have negative correlation with financial performance.Current debt ratio and financial performance does not exist significant correlation,the proportion of the top five shareholders and financial performance has a significant positive correlation.In addition,based on a gem company case analysis,the paper founds that the asset liability ratio and long-term debt ratio and financial performance is negatively related,current debt ratio and financial performance has no significant relationship,which further demonstrates the hypothesis.Based on the research results,this paper puts forward the corresponding countermeasures and suggestions from two aspects of macro and micro.