Research On The Impact Of Capital Structure Of Listed Companies On The Growth Enterprise Market On Growth-Data From The Growth Enterprise Market Manufacturing Industry

The GEM market in China over the years,from the beginning in October 2009 launched.Since the start of China’s GEM market rapid development,attracting a large number of small and medium-sized enterprises,by the end of October 2016,listed on the GEM market enterprises has reached more than and 500,the total market value of about seven hundred billion yuan,to solve the problem of employment,and promote the development of enterprise technology innovation and new products,made an important contribution to me the country’s economic growth,import and export trade and national tax.China’s gem up and continue to improve,enrich the structure of China’s capital market,and provides a new platform for the financing of small and medium-sized enterprises,the financing and development of technology intensive enterprises with innovative,high growth of the market have a better basis.However,the GEM listed companies did not bring the expected return to investors,the GEM listed companies of high growth,high value-added and other characteristics have been questioned.In the end what is the impact of the GEM market is the growth of the enterprise?This is an important question to be answered in practice.Reasonable capital structure can improve the financing environment of the company,reduce the financial risk of the company,and lay the foundation for the sustainable and stable development of the company.A large number of foreign studies have confirmed that the capital structure of enterprises is one of the factors that affect their growth.This paper reviews the relevant research results at home and abroad and carding on the basis of theories related to finance,economics and management as the basis,taking into account the characteristics of the GEM companies in China showed that the growth of the division for the current growth and future growth,first analyze the capital structure of listed companies on gem the growth from theory,and then selects the Shenzhen Stock Exchange GEM listed companies as a sample,in 2011 to 2015 year five annual average section index data as the basis,using empirical analysis method,respectively analysis and validation of the GEM listed companies capital structure on the impact of the current growth and the future growth of the.The results show that:the capital structure is an important factor affecting the growth of GEM listed companies,but the capital structure of listed companies on the gem of the current growth and future growth is different,there are significant differences;the gem debt capital structure of Listed Companies in the greater the proportion of listed companies,the current growth is better,but the proportion of short-term debt,the debt maturity structure of listed companies on the gem of the growth of the influence is not remarkable;the gem debt in the capital structure of Listed Companies in the greater the proportion of listed companies,its future growth is worse;the ratio of short-term debt to the GEM listed companies in the future growth has a significant positive impact;listed companies on the gem short-term debt ratio,not only the gem can reduce the financing cost of listed companies,but,it will positively affect the future growth of GEM listed companies.Last,based on empirical results and offer a proposal.