A Research On The Relationship Between Capital Structure And Corporate Performance Based On Listed Companies On SSE A Shares From Automotive Manufacturing Industry

Since Modigliani and Miller put forward MM theory in 1958,MM theory has become the theoretical basis of modern capital structure theory.Later scholars have gradually relaxed the assumptions of MM theory,and put forward the theoretical models such as trade-off theory,agency cost theory,signal transferring theory,optimal order financing theory and control right theory.On the basis of the theoretical study of capital structure,Chinese and foreign scholars have done a lot of empirical researches on the influence of capital structure on corporate performance in different countries,different industries and different company sizes.But the conclusions of the researches are variable.Up to now,does the company's capital structure affect company's performance?How company's capital structure affects company's performance?What's the mechanism behind the effect of company's capital structure on company's performance?These issues are still controversial in the field of corporate finance research,so the relevant issues are still worthy of further research.This paper takes the listed companies of China's A-share mainboard automobile manufacturing industry as the research object.The main research works done by this paper are as follow:1.Based on the actual situation of listed companies in China's A-share A-board automobile manufacturing industry,this paper puts forward the theoretical mechanism of corporate capital structure applied to corporate performance in China's automobile manufacturing industry.2.This paper also analyzes and discusses the current situation of capital structure and corporate performance of listed companies in China's Shanghai A-share mainboard automobile manufacturing industry.3.This paper presents empirical research hypotheses that are derived from the theory of corporate capital structure's effect on corporate performance put forward by this paper's theoretical research.And by using multiple-step multiple-variable linear regression method from econometric analysis,with datum from annual report 2015 of the listed companies of China's A-share mainboard automobile manufacturing industry,this paper verifies the empirical research hypotheses put forward by this paper.The conclusions of this paper are as follows:1.The higher the Current debt ratio of the listed companies of the Shanghai A-share Main Board automobile manufacturing industry,the higher the return on net assets,the total assets yield and the net operating margin.2.The higher the ownership concentration of the listed companies in the board of the Shanghai A-share automobile industry,the higher the total assets yield.3.The higher the proportion of all the capital invested in the listed companies in the board of the Shanghai A-share automobile industry,the lower the total assets yield.4.The relationship between the asset-liability ratio of listed companies and the performance of the Company(the return on net assets,the total assets yield and the net profit margin)of the listed companies of the SSE A-share automobile manufacturing industry did not reach an clear conclusion through the empirical research done by this paper.