Study On Effect Of Financing Structure On Financial Sustainable Growth In Small And Medium Listed Companies

In terms of quantity and sales, small and medium listed companies in China have an important contribution to economic development and status, in addition, the growth of small and medium listed companies is the basis of large enterprises strategic allies and partners. therefore there must be vigorously promote the rapid and sustainable development of small and medium listed companies. But blind, rapid growth make a company's resources to become very tight. According to foreign research,bankruptcies due to over-speed are almost the same as the bankruptcies due to over-slowness. Financial support the growth of enterprise, and sources of funds relevant to the different stages of the life cycle, so the choice of financing structure should be based on the enterprise life-cycle, and give full consideration to the requirements for financial sustainable growth.The research object is small and medium listed companies, the research perspective is based on the enterprise life-cycle, The research methodology is mainly empirical research, combined with theoretical analysis methods, focusing on effect of financing structure on financial sustainable growth in small and medium listed companies, The paper first using factor analysis method to extract the indicators of financial sustainable growth, and then gives a descriptive statistics and regression analysis on the relation between financing structure and the financial sustainable growth of the sample,found that:(1) The results show that the relationships of the ownership concentration and the sustainable growth of enterprises between small and medium enterprises in growing period and maturity period is not a simple positive correlation and negative correlation,but there is a reasonable interval range. in addition, the relationships of the ownership concentration and the financial sustainable growth of enterprises is not significant in growing period. (2)Asset-liability ratio was a inverted U correlation with the financial sustainable growth in a certain range in the mature stage,but the relevation is not apparent in the growth stage. (3) Whether the enterprise in the growth stage or mature stage, Short-term liabilities have a negative correlation with the financial sustainable growth。(4) long-term liabilities of enterprises is positive correlat with financial sustainable growth in the mature stage,but there was no no significant relationship in the growth stage.Finally, the author based on the empirical results proposed the financing structure optimization method of the different life cycle stages in order to promote sustained and healthy growth of small and medium listed companies financial development.