Research On The Impact Of Capital Structure Of Listed Companies On Market Value Management Performance

The implementation of the split share structure reform and the introduction of the new "national nine articles" announce the arrival of the era of market value management,and the importance of market value management is increasing day by day.Due to the weak efficiency of China’s capital market,the stock price performance of listed companies is inconsistent with their intrinsic value.If the stock price is higher than its intrinsic value for a long time,it will form a foam accumulation risk.Once the foam bursts,it will bring great losses to the company and investors.On the contrary,if the stock price is lower than the intrinsic value for a long time,it is not conducive for listed companies to use the capital market for financing and establish a good corporate image.How to effectively manage the market value of listed companies has become an urgent problem to be solved.Value creation,value management and value realization are the three links of market value management.From the perspective of corporate governance,capital structure will affect the financial risk and governance effect of the company,and then affect the value creation of the enterprise.At the same time,it can transmit the financial status information of listed companies to investors,so as to change the judgment of investors on the company,and then affect the realization of enterprise value.Based on the micro perspective,this paper selects Shanghai and Shenzhen A-share non-financial listed companies as the research object to study the impact of the capital structure of listed companies on their market value management performance.Firstly,it analyzes the current situation of the two.Secondly,it puts forward the research hypothesis of this paper by combing the existing literature.In the empirical analysis part,it uses the market value management performance evaluation system for reference,uses the factor analysis method to calculate the value creation score and value realization score,and constructs a dual fixed effect model to study the impact of debt structure and debt maturity structure on market value management performance.After the basic regression,it first regresses to different industries,Then,the state-owned enterprises and non-state-owned enterprises are regressed separately to study the impact of capital structure on market value management performance in different industries and different ownership properties.This paper draws the following conclusions:(1)from the overall characteristics,a high asset liability ratio will inhibit the promotion of enterprise value creation and promote the realization of enterprise value.(2)From the perspective of term structure,the increase of the proportion of liquid liabilities will promote the improvement of enterprise value creation,and the relationship with value realization is not significant.(3)From the perspective of industry classification,the impact of capital structure on market value management performance is different among industries.(4)From the perspective of ownership nature,the impact of capital structure on the market value management performance of listed companies of state-owned enterprises is more significant than that of non-state-owned enterprises.(5)From the perspective of influence mechanism,investment efficiency plays an intermediary effect in the process of capital structure affecting value creation.Finally,this paper puts forward relevant suggestions and measures according to the conclusions.