An Empirical Study On The Relationship Between The Capital Structure And Financial Performance Of Listed Companies In The IT Industry In My Country

Since MM theorem came out in 1958,it has attracted extensive attention of many scholars from home and abroad,and began to combine theory and practice to conduct in-depth discussion on capital structure and financial performance of enterprises.However,due to the differences in research objects,research industries and research methods,the conclusion of the study is not unanimous.Many scholars have found that industry differences have a more obvious impact on the capital structure,so it is necessary to study the capital structure of different industries.With the coming of the information age,information technology is playing an irreplaceable role in many fields,such as national economy and life.IT industry is still in the stage of growth and exploration in China,and still has a broad development space and huge potential.There are various problems in its capital structure and financing channels that need to be solved.Therefore,this paper chooses IT industry as this it's research industry and takes the listed companies in IT industry as the research object,further exploring the relationship between capital structure and financial performance of the company,so as to find out the optimization path of capital structure and financing channels.First of all,this paper summarizes the relevant research results of the capital structure and financial performance,and combed the relevant theories of capital structure and financial performance according to the research needs of the article content;secondly,it selects 337 companies of IT industry which listed on Shanghai and Shenzhen Stock Exchanges as the research object,analyzes the current situation of capital structure by using descriptive statistics,and then discusses and analyzes the existing problems of its capital structure on this basis;then,12 financial performance evaluation indexes are selected through KMO analysis,and the comprehensive financial performance is obtained based on factor analysis method;finally,by establishing the regression model of the relationship between capital structure and financial performance,the article discusses the relationship between capital structure and financial performance,so as to provide countermeasures and suggestions for the optimization capital structure of listed companies in IT industry around the goal of maximizing corporate performance.Through the empirical analysis,we draw the conclusion:(1)The relationship between asset liability ratio and financial performance of listed companies in IT industry is inverted U-shaped;(2)The relationship between short-term debt ratio and financial performance of listed companies in IT industry is positive;(3)The relationship between long-term debt ratio and financial performance of listed companies in IT industry is negative;(4)The relationship between the proportion of the largest shareholder and financial performance of listed companies in IT industry is positive;(5)The relationship between the proportion of the top ten shareholders and financial performance of listed companies in IT industry is positive.Based on the conclusion of the empirical study,this paper puts forward countermeasures and suggestions to optimize the capital structure from the external macro level and the enterprise micro level.(1)At the external macro level,it mainly puts forward countermeasures from aspects of policy environment,financial environment and legal environment;(2)at the micro level,it mainly puts forward targeted countermeasures from four aspects of asset liability ratio,debt maturity structure,equity concentration and internal financing based on the empirical results of this paper.The optimization of capital structure of listed companies in IT industry is an arduous project,which needs external and internal joint efforts to creates a better financing environment and channels for enterprises,further improve the capital structure of enterprises,promote the healthy and efficient operation of enterprises,and also benefit the sound operation and steady development of the whole economic system.