A Study On The Impact Of China's Listed Companies' Financing Structure On Corporate Performance

The financing structure of the company is an important research content which is of great importance in the field of modern enterprise management and contemporary economics.The choice of financing structure plays an important role in the development of the company's operation.Whether the GEM listed companies can choose their own financing structure has a significant impact on the performance of the business.GEM listed companies and listed companies in the motherboard market compared to the company smaller,the development is not mature enough.But the GEM listed companies have a new mode of operation,technical level,management,etc.,with better development potential.At the same time,the GEM listed companies have the characteristics of innovation and high growth for China's economic development has an important role in promoting.However,due to the development of China's capital market is not yet mature,resulting in the existence of these companies unreasonable financing structure of the problem,seriously affected their own business and development.Therefore,it is not only beneficial to promote the development of the GEM market,but also plays an important role in enriching and developing China's capital market by studying the relationship between the financing structure and operating performance of the listed companies.This paper chooses the listed companies of the GEM as the research object,and makes an empirical study on the relationship between the corporate financing structure and the business performance.For enterprises to rationally choose and optimize the financing structure,improve business performance and make reasonable recommendations.On the basis of the existing research results,this paper analyzes the relationship between financing structure and business performance from theoretical and empirical aspects.In the aspect of theoretical analysis,this paper obtaS1 the influence of financing structure on business performance through the reorganization of related literature and theory,and makes a theoretical basis for the next empirical research.In the empirical analysis,this paper chooses the panel data of 151 companies listed on the GEM before December 31,2010 as the research object,and divides the financing structure into internal financing,debt financing and equity financing from different sources of funds,The proportion of these three financing methods as an empirical study of the explanatory variables.In the aspect of business performance measurement,13 financial indicators which can express the performance of business performance are selected.Through the factor analysis,we can get the comprehensive index which can represent the performance as the explanatory variable of empirical research.In the empirical study,the empirical analysis method of the generalized least squares is used to analyze the financing structure and the corporate performance of the listed companies in the stata statistical analysis software.The results show that there is a significant positive correlation between the internal financing ratio of listed companies and the performance of the company.The relationship between the debt financing ratio and the firm's performance is not linear,but the U-type relationship.The equity financing ratio and the company There was a significant positive correlation between performance.Finally,according to the empirical results of the GEM listed companies financing the proposed structure,hoping to solve the unreasonable financing structure,and constantly optimize the financing structure to improve business performance.