Research On The Effects Of Capital Structure On Performance Of Private Listed Companies In Anhui Province

Capital structure is an important factor that affects the performance of the company.The existing research is to conduct an overall study on the main board,small and medium-sized enterprise board,one is classified according to the region and industry.In these studies,the choice of Listed Companies in Anhui as a sample of more,but the choice of private enterprises in Anhui province is less.At the same time,along with the economic development of Anhui Province,the private economy has become an important force in support of Anhui province's economic development,more and more attention,therefore not only in theoretical research or in the practical significance,is necessary to conduct a comprehensive study on the relationship between capital structure and corporate performance of private listed companies in Anhui province.In the first part of this paper,the background and significance of the research,research methods and contents,as well as the innovation of the article are described in detail.In the second part,on the basis of reviewing the theory of capital structure and the theory of performance evaluation,the author focuses on the mechanism of the effect of capital structure on performance.The third part is to introduce the data sources,sample selection and the corresponding capital structure and performance index,the indicators of capital structure on the selection of the asset liability ratio,asset debt ratio and current debt ratio,and finally determine the control variables and year dummy variables.The fourth part of the first descriptive statistics on the capital structure and performance of private listed companies in Anhui province evaluation,and then through three aspects,namely: the performance of the company operating capacity and profitability,growth ability,using factor analysis method to form a comprehensive performance evaluation index,finally using multiple linear regression method of selected three a capital structure evaluation index and comprehensive performance indicators have been through multiple linear regression.The fifth part describes the conclusions and puts forward some suggestions.Through the above empirical research,this paper obtained the following conclusions:(1)the private listed companies in Anhui Province,asset liability ratio,interest rate is higher,while in favor of short-term liabilities;(2)the overall profitability of private listed companies in Anhui province is strong,but in the operation capacity of a larger room with strong ability to grow;(3)in the capital structure and corporate performance relationship,asset liability ratio and asset debt ratio and corporate performance are negatively correlated;(4)the relationship between the inverted U curve between current liabilities ratio and corporate performance,is also the current debt ratio increases,the performance of the company with the to improve the corporate performance,but reached the highest value,when the current debt ratio increases,the performance of the company will start to decrease;(5)there is a nonlinear relationship between the property right ratio and corporate performance,that is,the performance of the company decreases as the property right ratio increases.Finally,based on the research process and conclusions,this paper puts forward the following suggestions: first,the need to focus on debt management of private enterprises in Anhui Province,optimize its capital structure,secondly,strengthen the construction of credit system,third private enterprises in Anhui Province,to strengthen the banking efforts,support for private enterprises fourth,to further improve the bond market the function,optimize the financing channels of the private enterprise.