Research On The Influence Of Financing Structure On Business Performance Of Household Appliance Industry

In recent years,with the progress of Internet technology,the home appliance industry has begun to invest a lot of money in the field of intangible assets,such as trademark rights and patents,in order to seek the transformation towards diversification and intelligence.In the whole process,there must be sufficient financial support.Based on the analysis and verification of the impact of financing structure of listed home appliance companies on business performance,it can help enterprises understand the industry situation,so as to optimize their financing structure,improve business performance and promote the intelligent development of home appliance.This paper selects 49 listed home appliance companies for theoretical analysis and empirical research.First of all,summarize and review the previous literature research from three aspects,including the research status of financing structure,the choice of business performance indicators and the impact of financing structure on performance.Secondly,the paper analyzes the characteristics of the financing structure and performance of listed home appliance companies,and finds that there are some problems in the capital management of household appliance companies,such as too much reliance on debt financing,more current liabilities,less long-term liabilities,and greater concentration of ownership.Thirdly,the factor analysis method is used to calculate the comprehensive evaluation factor of business performance for 12 financial indicators reflecting the performance of home appliance industry,and the 5-year performance scores of 49 listed home appliance companies are calculated by the factor analysis method,and the ranking is conducted according to the average score.Finally,the financial data of listed home appliance companies from 2015 to 2019 are selected,the comprehensive evaluation factor of business performance is taken as the explained variable,seven indicators reflecting the financing structure are taken as the explanatory variable,and two related variables are controlled to construct a multiple regression model for empirical research.The empirical study shows that endogenous financing has a weak positive effect on business performance.Both commercial credit financing and bank borrowing have significant negative effects on business performance.Bond financing has a weak negative impact on performance;The proportion of the largest shareholder has a weak positive effect on business performance;The proportion of circulating shares has a significant negative effect on business performance;The proportion of state shares has a weak negative effect on business performance.Based on the empirical research conclusions,this paper puts forward relevant Based on the empirical research conclusions,this paper puts forward relevant suggestions from the level of household appliance enterprises and the level of policy making of government departments.