The Empirical Research Of The Relationship Between Capital Structure And Corporate Performance In The Listed Companies Of Energy-Saving And Environmental Protection Industry In China

In recent years,due to the weak growth of the world economy,the sluggish domestic market demand and the excess capacity of traditional industries,China’s external demand decline,investment slowdown,and the economy slump.However,energy saving and environmental protection as one of the strategic emerging industries,the total output value is still growing at a rate of more than 15%.Among them,the development of energy saving and environmental protection listed companies is particularly rapid.In 2016,main business income of energy saving and environmental protection listed companies is 652.42 billions yuan,with a year-on-year growth of 18.6%;Deducted non-net profit is 55.03 billions yuan,with a year-on-year growth of 38.2%.To develop energy saving and environmental protection industry is an important breakthrough in China’s industrial restructuring and economic transformation,and is the key to achieve win-win situation between environmental improvement and economic development.However,in China,the management level of energy-saving and environmental protection enterprises is low,the capital structure is irrational,and the performance of the enterprises is generally low,which seriously restricts the development of energy conservation and environmental protection industries.Therefore,how to optimize the capital structure of the energy-saving environmental protection enterprises and improve the company’s performance level has become China’s urgent problem to be solved.This article from the relationship between the capital structure of China’s energy and environmental protection industry listed companies and corporate performance,based on the basis of the previous research.Firstly,research and analysis on the status and characteristics of China’s energy-saving environmental protection industry capital structure;Then,construct the company performance evaluation index system,using entropy method to give the weight of the indicator,then calculate the weighted gray correlation coefficient,in order to reflect company performance level of China’s energy saving and environmental protection listed companies;Secondly,building regression model of the relationship between capital structure and corporate performance,optimize and research the model,explore the specific function relationship between capital structure and corporate performance;Finally,according to the empirical research conclusion,put forward suggestions of optimize capital structure,improve corporate performance and promote the healthy development of China’s energy-saving environmental protection industry policy recommendations.The research shows that there exists obvious regional differences and industry differences of China’s energy saving and environmental protection of listed companies,the overall development level of the eastern region is better than the central and western regions,industry and energy industry is better than the level of resources recycling overall development of environmental protection industry.The capital structure of China’s energy saving and environmental protection listed companies is irrational,the short-term debt ratio is too high,the long-term debt rate is too low,and there is a serious "the single-large shareholder" phenomenon.The company performance level of China’s energy conservation and environmental protection listed companies level is generally low,the lack of high performance leading enterprises of which lead the industry,enterprises operating capacity,solvency ability and development ability are the main factors influencing corporate performance.The performance between China’s energy-saving environmental protection industry listed companies and asset liability ratio,long-term de bt ratio,GDP of the provinces of where the enterprises belong are negative correlation;And with the current debt ratio,the proportion of top ten shareholders and the scale of enterprises are positively related;There is no significant correlation between the proportion of the first largest shareholder and the proportion of tradable shares.While keeping the other factors unchanged,the rate of assets and liabilities for every increase of 1%,the performance of the company decreased by 0.2508%;Current debt ratio’s two times for every increase of 1%,the performance of the company increased by 0.2355%;The proportion of top ten shareholders for every increase of 1%,the performance of the company increased by 0.0276%.