Study On The Interaction Between Capital Structure And Corporate Performance Of The NEEQ Enterprise

As the OTC market,the market of National Equities Exchange and Quotations(NEEQ)is a very important part of capital market in our country.It provides a platform for sharing transferring and financing transactions for small and medium –sized innovative high-tech enterprises.It has low barriers to entry,low listing costs and it is pretty inclusive.With the NEEQ expansion in 2013 and the introduction of market maker system in 2014,the NEEQ is developing rapidly.The number of enterprise listed at the end of 2016 has been over ten thousand.The enterprises have the characteristics of large risk and fast growth.At present,under the background of supply side reform,the state has attached more and more importance to the development of small and medium-sized high-tech industries.It can be said that the NEEQ has an important strategic significance to speed up the current economic restructuring.Therefore,this paper discusses the interactive relationship between the capital structure and operating performance of the NEEQ and discusses whether it has the optimal capital structure.We can take relevant measures to improve the business performance.In order to explore the interactive relationship between capital structure and business performance of NEEQ,the main contents of this paper are divided into five parts: The first part is the introduction.This part introduces the research background and significance of the paper,then classifies and combs the relevant theories about the relationship between capital structure and business performance at home and abroad.This part also clarifies the structure and writing ideas,at last it points out the innovation of this paper.The second part is the relevant theoretical basis.The concept of capital structure theory and performance evaluation methods were briefly reviewed.Then it analyzes the interaction mechanism between capital structure and corporate performance to provide theoretical support for later analysis.The third part analyzes the present situation of the NEEQ and the situation of the capital structure and corporate performance.The fourth part is empirical analysis.It chose the data between 2012 and 2015.First,we describe the sample statistics.It performs 2sls and fixed-effect regression by simultaneous equations.In addition,it analyzes the condition according to the industry and enterprise scale.The last part includes conclusions and policy recommendations.The capital structure has an inverted "U" influence on business performance,the optimal asset liability ratio is 30.64%.The operating performance has a positive impact on the capital structure.It also include the relevant countermeasures according to the conclusion.