A Study On The Impact Of Capital Structure Of Sme Listed Companies On Profitability

Capital structure and profitability are two important aspects that cannot be neglected in corporate financial management.Based on the existing system environment,to the capital structure and profitability of the extensive and in-depth exploration and research has important theoretical significance and has more practical value,it will not only to the company's operating performance and the cost of capital have a decisive influence,as well as relations with the company's future development prospects,more profound and lasting influence on the development of national economy.Since entering the new era,the national economy has maintained a strong and steady development,small and medium-sized companies have mushroomed,and are playing an irreplaceable role.However,in practice,due to the relatively short time for the establishment of small and medium-sized companies,both theoretical and practical research has not reached the desired height.Under this situation,the relationship between the profitability and capital structure of small and medium-sized companies is deeply studied to find out the means and measures that can effectively improve the level of profitability,which has become the current focus of scholars from all over the world.The development of small and medium-sized enterprises listed on the board of Zhejiang province's economic contribution rate is increasing day by day,but the macro environment of the development of such companies is stagnant,and the internal management of enterprises is poor.Therefore,it is of great practical significance to study the correlation between the capital structure and profitability of smes in Zhejiang province.Firstly,this paper reviews the relevant theories of capital structure and corporate performance,and makes a comprehensive and detailed discussion and analysis on the capital structure and operating status of domestic listed enterprises.On this basis,from 2015 to 2017 in Zhejiang province small and medium-sized panel data of 138 listed companies as research samples,build the regression model,factor analysis,linear regression and curve by principal component analysis and factor analysis method to calculate comprehensive evaluation indicators,profitability of small and medium-sized boards of listed companies in Zhejiang province is described by using regression analysis the relevance of capital structure and profitability.Finally,based on the economic Angle to obtain the result carries on the comprehensive analysis,and proposes the corresponding solution and the concrete strategy regarding the existing question.Generally speaking,the author mainly discusses the following aspects in this topic:The first part is the introduction.In this chapter,the research background and value,research methods,basic ideas and other relevant contents of this topic are comprehensively elaborated.The second part is literature review.This chapter systematically sorts out and classifies the literature published by experts and scholars in various countries to determine the relationship between capital structure and profitability.The third part is the theoretical basis.This paper defines the concepts related to capital structure and profitability and introduces the basic theories.This chapter provides a powerful theoretical reference for subsequent research hypotheses and statistical modeling.The fourth part is empirical analysis.From 2015 to 2017 in Zhejiang province small and medium-sized panel data of 138 listed companies as research samples,build the regression model,factor analysis,linear regression and curve by principal component analysis and factor analysis method to calculate comprehensive evaluation indicators,profitability of small and medium-sized board listed companies in Zhejiang province is described by using regression analysis on the relation between capital structure and profitability.The fifth part is empirical analysis.First,the comprehensive score calculation model of profitability was obtained by factor analysis,and the comprehensive score of profitability of each company was calculated.After further regression analysis,the final regression model was obtained to verify whether the hypothesis was correct or not.The sixth part is the policy suggestion.In view of the above research conclusions,this paper puts forward corresponding policies and Suggestions for the capital structure optimization of listed smes in Zhejiang province from the perspectives of internal and external enterprises.The results show that there is no obvious linear correlation between the asset-liability ratio and profitability,but a weak quadratic curve,with an upward opening.However,it has low significance and cannot fully reflect the correlation between capital structure and profitability.The total profit/liability before interest,tax,depreciation and amortization has a significant positive correlation with profitability and a quadratic curve relationship,but the curve model is more significant,and the optimal capital structure interval can be obtained.The possible innovation of this paper lies in the following aspects.The research thought is new,found out the influence factor;Put forward corresponding policy and proposal.