Research On Relationship Of Financing Structure And Operational Perfomance Of Small And Media Enterprises

The matter of capital structure is an important research task which both has great theoretical value and practical meaning. Undoubtedly, it is significantly meaningful to discuss the relationship of capital structure and management performance, first begin with capital, the most basic factor of running a corporation. At present the main objects of domestic study upon the relationship of capital structure and management performance are those public companies listed on main board of the stock market. Small and media enterprise board was established in Shenzhen ,2004, which develop a wider channel for small and media enterprise' direct financing. Hence, small and media enterprises have to face up the problem that how to optimize corporations' capital structure. In order to settle this problem we should be wise to the relationship of capital structure and management performance accurately. So this paper chooses public companies listed on small and media enterprise board as study objects, and tries to study the difference of these companies' capital structure and performance before and after their listing, and make a further demonstration analysis upon small and media enterprises' capital structure and management performance relationship.This paper uses asset-liability ratio, liability ratio in interest and long-term liability ratio to reflect a company's capital structure, uses the method of principal component analysis to set up the index which can measure the synthetic performance of public companies listed on small and media enterprise board. This paper also chooses section data of 50 small and media listed companies and make a linear regression, and analyzes the correlativity among asset-liability ratio, liability ratio in interest and long-term liability ratio. According to the result of demonstration analysis, the author put forward some advices from different aspects such as, the establishment of small and media enterprise board, to strengthen the governing mechanism of creditor's rights, to upgrade small and media companies' capacity to earn profits and to strengthen their financing management, in order to optimize the capital structure of small and media companies.