Research On The Correlation Between Capital Structure And Corporate Performance Of Listed Companies In GEM Manufacturing Under Different Growth

This paper takes the data of 239 listed companies in China's GEM manufacturing industry for the period 2014-2016 as a sample to explore the correlation between capital structure and corporate performance under different growth conditions.It will provide useful guidance for manufacturing companies to optimize capital structure,improve quality and efficiency,increase profitability,and improve corporate performance.The main contents are as follows: First,the concepts of GEM,capital structure,and corporate performance are described,and the research status at home and abroad is reviewed;then,theories related to capital structure and corporate performance are reviewed and elaborated;and finally,the relationship between capital structure and corporate performance under different growth conditions is emphasized.Conduct an empirical test.Fifteen performance-related and 12 growth-related indicators were used for factor analysis.Comprehensive factor scores were used as variables to measure corporate performance and growth.Capital structure variables were divided into asset structure and debt structure according to their attributes.The debt repayment maturity structure,equity concentration,equity attributes,and debt and equity structure were extracted in six parts.Corresponding variables were designed,ten groups of assumptions were proposed,and ten groups of interactive regression models with growth were finally established.This paper analyzes the status quo of the capital structure of listed companies in the manufacturing industry in East,Central,West,and Northeast regions in China during the period of 2014-2016,and the correlation test between capital structure and corporate performance.The results show that the positive effect of the shareholding ratio of the largest shareholder on the company's performance increases as the growth increases;the positive effect of the shareholding ratio of the second to the top ten shareholders on the company's performance increases as the growth increases;the proportion of state-owned shares The negative effects of corporate performance are not changed by growth changes;the positive effect of legal person shares on corporate performance increases as growth opportunities increase;the positive effect of fixed assets ratio oncorporate performance is not changed by changes in growth opportunities;The positive effect of current liabilities-liability ratio on company performance increases as growth opportunities increase;the negative impact of short-term debt ratio on company performance increases as growth opportunities increase;and the positive effect of long-term debt ratio on company performance It does not change as growth opportunities increase;the positive effect of the ratio of shareholders' equity and debt on company performance increases as the growth opportunities increase.Finally,suggestions are made on the research conclusions.