A Study On The Interactive Relation Between Capital Structure And Corporate Performance Of Media Listed Companies

Studing on the relationships between capital structure and corporate performance of listed companies in china or abroad has been being a hot topic by both the academia and empirical. However the conclusions have reached differ greatly, because of the methods, samples and indicators are different. With the fast development of our national economy, the media listed companies have been become an important part of listed companies in china. Because of the differences between media companies and other companies, the media listed companies are special in financing, management structure and financial decision-making.Based on the analysis of domestic and foreign scholars'research, this paper selected 12 media listed companies as a sample to study the relationship between their capital structure and corporate performance. First of all, this paper analyzed the relationship between the capital structure and corporate from the theoretical point of view. Then, the author realed the relationship between capital structure and corporate performance by using panel data model. Last, on the basis of the single equation the author established a simultancous equation model. Through empirical examination, we hope to reveal the special nature of the media industry, and then raise many worthy suggestions to constructe the future system of media companies.The empirical results show that, the media listed companies have a capital structure with a low ratio of the endogenous financing and financial leverages , a high ratio of current liabilities and concentration of ownership; There is a significant positive correlation between corporate performance and capital structure, but no definite curve relationship between them; Corporate performance are negatively related to short-term loan ratio and company size; The stake percent of top five shareholders are positively related to corporate performance; Capital structure are positibvely related to company size and corporate performance and product features; The stake percent of top five shareholders are negatively related to corporate capital structure.