Research On The Influence Of Capital Structure On Business Performance Of E-commerce Listed Companies

With the rapid development of informatization,globalization has been further strengthened,and e-commerce enterprises,the "third profit source",have gradually become an important pillar industry of economic development.Looking at the field of e-commerce in China,e-commerce enterprises have achieved the results of quantity increase,scale expansion,wide geographical coverage and sharp increase in total operating income under the dual pressure of changing internal and external environment.In order to continue to develop better,according to the study of the composition of the capital structure of e-commerce enterprises,the business performance of the company will be affected,and at the same time,e-commerce enterprises can be keenly monitored for changes in internal and external environment and adjust their business strategies in time,which are the key methods to ensure the sustainable and stable development of China's e-commerce industry.This paper mainly focuses on 71 e-commerce companies listed in Shanghai and Shenzhen Stock Exchanges,and mainly analyzes the financial data in the five years from 2014 to 2018 in their published financial statements.In this paper,literature research and empirical research are combined.Firstly,the research background and significance are introduced,the relevant literature at home and abroad is combed,and the current situation of capital structure and operating performance is analyzed by data.Secondly,the research hypothesis is put forward and the research model is constructed.Then,the factor analysis method is used to obtain the comprehensive business performance reflecting the business situation of the enterprise,and the regression model of capital structure and business performance is constructed Finally,regression analysis is used to analyze the impact of capital structure on business performance,and the hypothesis is verified.Through empirical analysis,it is found that capital structure does have certain influence on the business performance of enterprises,and the following conclusions are drawn:the increase of asset-liability ratio,long-term debt ratio and current debt ratio will reduce the business performance of enterprises;The relative concentration of the top ten shareholders'shareholding ratio can improve the business performance;The relationship between the shareholding ratio of the largest shareholder and business performance is not significant;There is a negative correlation between Z index and business performance.Through these research results,this paper puts forward some relevant suggestions at the end:(1)rational use of financial leverage;(2)debt structure optimization;(3)Optimization of ownership structure.