An Empirical Study On The Relationship Between Financing Structure And Financial Performance

The relationship between the company's financing structure and the company performance has always been a hot issue in the academic circle.Capital is the blood of the enterprise,and the listed companies have to carry out financing activities in order to ensure the normal turnover of funds.The choice of financing mode and the arrangement of financing structure are the key problems that the enterprises should pay attention to when they make financing.The reasonable financing structure is the important guarantee for the normal production and management and the healthy and sustainable development of the enterprises.With the comprehensive development of the economic society and the gradual improvement of the enterprise system,the relevant theoretical system at home and abroad is increasingly rich.The theory of western financing structure began in the theory of early financing structure proposed by Durand in 1952.Chinese scholars began to carry out an empirical study on the financing structure of domestic listed companies from 1990 s.The rapid development of China's economy after the reform and opening up can not be separated from the great contribution of the manufacturing industry,and the automobile industry is highly associated with other industries and has a strong drive,so it is very important for the development of the whole manufacturing industry.As the automobile industry is a capital intensive industry,its dependence on financial market is relatively high.The development of China's financial industry is very late,and there will be a variety of problems.Therefore,on the basis of the theory of financing structure at home and abroad,combining the actual conditions of our country and the situation of the financial market,based on the status of the development of the automobile industry,optimizing the financing structure,arranging the financing rationally and improving the value of the company are urgent problems.The financing structure should be analyzed from the two aspects of the internal and external parts of the enterprise.The external financing structure considers the debt financing structure and the equity financing structure.Therefore,this paper will examine the impact of the internal financing,debt financing structure and equity financing structure of the listed companies on the financial performance.This paper first collects the financial data of auto listed companies of A shares in Shenzhen Stock Exchange and Shanghai Stock Exchange from 2014 to 2016,selects and disposals them,and uses excel and spss19.0 to deal with the data,and then uses descriptivestatistical analysis method,factor analysis method and multiple linear regression analysis method to study the relationship between financing structure and financial performance.On the basis of empirical analysis,the following conclusions are drawn:the current liabilities rate and asset liability ratio of the listed companies of the automobile industry have a negative impact on the financial performance;the internal financing rate,the commercial credit rate,the equity concentration and the balance of equity have a positive impact on the financial performance.At the end of this paper,policy recommendations of the optimization of the financing structure of the listed companies are proposed.