Effect Of Financing Structure Of Listed Companies On Their Business Performance Study On The Relationship Based On Private Manufacturing Industry Of Fujian Province As An Example

Private enterprise is an important component of market economy in China,but the financing structure of private enterprise is one of the obstacles to the rapid and healthy development of private enterprise.At the same time,how to choose the most appropriate financing structure to optimize the business performance of enterprises is a hot issue for scholars at home and abroad.Fujian merchants as an important representative of private enterprises in China.Fujian's private enterprises are not only in number but also in the scale and development of private enterprises in the country has a representative role.This paper selects private listed companies as the research object,and private listed companies as the leader of private enterprises.It represents the future development of private enterprises.However,the issue of financing has been the main problem that hinders the further expansion and development of private enterprises.Therefore,how to arrange their own equity and creditor's rights structure to optimize their performance.How to better evaluate the business performance of private enterprises has become a problem to be solved by academic research.At the same time,manufacturing industry is one of the pillar industries of national and regional economy.Focusing on the relationship between the financing structure of manufacturing debt and corporate performance of listed private enterprises in Fujian Province,not only has a strong reference role for the financing decisions of Fujian scale private enterprises.Better support for the provinces throughout the country The development of private enterprises has reference value,and is conducive to the listed private enterprises to improve the financing structure,improve the business performance of enterprises.Therefore,it is of great significance and function to promote the development of our capital market and national economy.This article has just started with the introduction of corporate financing structure and business performance related theory as a starting point.Then further theoretical analysis of the financing structure of listed private enterprises in China on the impact of their business performance.Next,the impact of the financing structure of the manufacturing industry of non-listed private enterprises in Fujian Province on the performance of enterprises as a study.Break through.Take Fujian Province unlisted scale private enterprise manufacturing related financial statement data as the support.From the perspective of debt financing ratio,equity financing rate and internal financing rate,the measurement of financing structure is loan financing ratio,commercial credit financing rate,bond financing rate,equity financing rate and internal financing ratio.On the other hand,the return on total assets,the rate of return on net assets,the profit after tax,the profit rate of main business and the rate of return on investment capital are selected as the indicators to measure the performance of the enterprise.Based on the data of the manufacturing industry of the listed private enterprises in Fujian Province in 2014-2016,a linear regression model is constructed by using comparative analysis,descriptive statistical analysis,qualitative and quantitative analysis,entropy weight,and so on.Thus,the impact of its financing structure on business performance is studied empirically.The empirical results show that;There is a positive correlation between internal financing and operating performance,while there is a negative correlation between debt financing and operating performance,in which the asset-liability ratio of enterprises is negative.Short-term debt ratio,long-term debt ratio,commercial credit,bank borrowing rate are all negatively related to their operating performance.The negative correlation between short-term debt ratio and long-term debt ratio is more obvious than that of long-term debt ratio.The negative correlation between the bank borrowing rate and the commercial borrowing rate is more significant than that of the commercial borrowing rate.The analysis of the reasons shows that the limited profitability of the private enterprises makes Fujian Province.The provincial scale private manufacturing industry does not give priority to internal financing,which is contrary to the priority financing theory.The internal structure of corporate debt financing is unreasonable,and the enterprise management is more focused on short-term financing;The slow and immature development of the corporate bond market makes debt financing the main financing method of the company,indicating that the positive role of debt financing of private enterprises in Fujian Province has not yet been brought into play.Finally,in view of the problems existing in the financing structure of the manufacturing industry of the listed scale private enterprises in Fujian Province,this paper puts forward the relevant opinions and policy suggestions.It is necessary to increase the proportion of long-term financing in debt financing,reduce the proportion of debt financing,appropriately increase the proportion of internal financing and equity financing,so as to optimize the financing structure of enterprises.For the relevant government departments,we should try to improve the financing environment of private enterprises,and build a set of credit rating system suitable for the scale of private enterprises.Increase support for high-tech private enterprises and northwest Fujian,and vigorously develop corporate debt The capital market,such as the stock market,realizes the healthy cycle of the financing structure and the operating performance of the company.