Research On The Relationship Between Capital Structure And Financial Performance Of Listed Companies In Automobile Manufacturing Industry From The Perspective Of Governance Structure

Automobile manufacturing industry is a pillar industry of the national economy.With the development of China's economy and science and technology,the development of the automobile manufacturing industry is constantly growing.However,due to the influence of market factors,capital operation,and operation and management,the capital of the automobile manufacturing industry There are some problems in the structure and governance structure,and the level of corporate financial performance is generally not high.The capital structure of an enterprise will affect the financial performance of the company.The corporate governance structure will affect the financial performance of the company by affecting the capital structure.Therefore,it is particularly important for companies in the automobile manufacturing industry to improve their governance structure and capital structure and improve their financial performance.From the perspective of governance structure,this paper studies the influence of the capital structure of listed companies in the automobile manufacturing industry on financial performance,and proposes measures to improve the financial performance of listed companies in the automobile manufacturing industry.The content of this paper is as follows:In the first chapter,the background and significance of the topic are expounded,and the existing related researches are analyzed and combed.In the second chapter,introduces the related theories,including capital structure theory,corporate governance theory and financial performance evaluation methods.In the third chapter,analyzes the effect of capital structure and corporate governance on financial performance.In the fourth chapter,analyzes the status of capital structure and governance structure of listed companies in automobile manufacturing industry.In the fifth chapter,collect samples and data,select indicators,put forward hypotheses and establish models for empirical analysis.In the sixth chapter,proposes measures to improve the financial performance of listed companies in the automobile manufacturing industry.The results of this study are as follows:The debt-to-equity ratio of listed companies in the automobile manufacturing industry is negatively correlated with financial performance;the debt ratio of listed companies in the automobile manufacturing industry is significantly negatively correlated with financial performance;the equity concentration of listed companies in the automobile manufacturing industry is positively correlated with financial performance;The scale of board of directors of manufacturing listed companies is negatively related to financial performance.Compared with companies with low proportion of independent directors in the board of directors,in enterprises with high proportion of independent directors,the reduction of current liabilities ratio has a stronger effect on corporate financial performance;For companies that have not given equity incentives to senior executives,reducing the ratio of current liabilities to corporate executives in equity incentives has a stronger effect on corporate financial performance.Based on the research results,the paper proposes measures to improve the financial performance of listed companies in the automotive manufacturing industry as follows:reduce the asset-liability ratio to optimize the capital structure;develop multiple financing to reduce the current debt ratio;moderately increase the equity concentration of listed companies in the automobile manufacturing industry;moderately reduce The scale of the board of directors is to improve the financial performance of the company;to increase the proportion of independent directors in the board of directors;and to provide equity incentives to senior executives.