| The construction industry can be said to occupy a pivotal position in the economic development of our country,is one of the very important pillar industries,Benefiting from the drive our economy continues to expand the scale and rapid growth in recent years in fixed asset investment growth,the scale of market demand in the construction industry has experienced a rapid growth stage and at the same timethe construction industry is growing rapidly.But we should see,due to the large number of industrial enterprises,business specialization is low,the industry competition is fierce,the financing structure is unreasonable,the pressure of funds and other reasons lead to its low profitability.Therefore,the industry is facing the problem of integration and upgrading,in which improving the overall competitiveness of enterprises in the industry is the key.The focus of this article focuses on the enterprise's capital structure to enhance the competitiveness of the enterprise's financial management,and thus promote the comprehensive strength of the enterprise.However,the competitive strength is a comprehensive index,and the intuitive and quantitative data representation often reflects the return of the enterprise's final capital,that is,the financial performance of the enterprise.Therefore,it is necessary to study a relationship between the capital structure and the rate of return on net assets among construction enterprises,and from the perspective of optimizing capital structure,the paper puts forward some suggestions to improve the overall performance of enterprises.Firstly,this paper analyzes and summarizes the theory of the relationship between capital structure and company performance,and from the aspect of theory analyses the impact mechanism of debt structure,ownership structure affect the performance of the company,and put forward the theoretical hypothesis,which laid the foundation of this paper;Secondly,choose the period 2009-2016 financial data of 82 listed companies in construction to make a statistical analysis,found that there are some problems in the listed construction enterprises,such as the total debt is high,the current liabilities are too high,and the ownership structure is unreasonable.Thirdly,investigatethe influence of debt structure and ownership structure on firm performance at the full sample level.At the same time,Due to the large differences in the level of corporate debt,the overall sample is divided into two types according to the level of debt,which is the sample of the high debt group and the low debt group,and the two types of samples are tested by empirical model,and the results are different.In this paper,the main conclusions are as follows:1)The asset liability ratio of listed companies has a significant negative impact on the enterprise performance in the whole sample and the high debt sample,but the relationship between them is not significantin the low debt sample;2)There is no significant correlation between the short term debt ratio and the company performance in the whole sample and the high debt sample,while the test result of the low debt sample group show a significant positive correlation;3)In the whole sample,the ownership ratio of the top ten shareholders of Listed Companies in China's construction industry has a significant positive correlation with corporate performance.In the high debt sample,the influence coefficient is higher than the overall sample,but the regression coefficient is not significant in the low debt sample;4)The empirical results of the whole sample,the high debt sample and the low debt sample did not verify the existence of the correlation between the largest shareholder,the equity balance degree and the company performanceinamong Listed companies of construction in China. |
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