Research On The Relationship Between SME Board Listed Companies' Financing Structure And Operating Performance

In May 2004, approved by the State Council, China Securities Regulatory Commission approved the Shenzhen Stock Exchange to set up small and medium plate in The Main Board. The small and medium listed companies appear in the Capital Market quickly and the scale of them is growing. The establishment of the small and medium plate solved the problem of SME at some extent, changed the existed mode of financing of SME. Financing variation caused changes in the structure of corporate finance, and transfer Finance costs of corporate, affecting the corporate finance. However, academic rarely take care of problems, how SME board listed companies Financing Structure affect performance, how much influence and so on. At present, some analysis and research has also failed to in-depth discussion of this issue, so SME board listed companies on this article chosen as the primary object of study of this issue. This article use the latest financial data of SME board listed companies, SME board listed companies' relationship between the Financing structure and operating performance were studied in detail.Under the background which is introduced, this paper focuses on the small and medium listed enterprises studying their date form 2006 to 2008 based on overseas and domestic related research results. This paper study the influence on operating performance that financial structure brings about through the method of empirical analysis. By empirical research, this paper draws the following conclusions that in the financial structure of small and medium listed enterprises the maximum is the rate of equity financing, followed by the rate of internal financing, the minimum is the rate of debt financing; that the influence which the rate of equity financing perform on the operating performance of small and medium listed enterprises is significant negative; that the influence which the rate of internal financing perform on the operating performance signified by the index of ROE is significant positive, and the influence on the index of earnings per share is not significant; that the influence which the rate of short-term bank credit financing belonging to debt financing perform on the operating performance is significant negative and the influence which the rate of fiscal financing on operating performance is significant positive.About the study on the relationship between the operating performance and the small and medium listed enterprises'financial structure few domestic scholars involved, even if research in this area, they has not defined the financing structure in detail, just studied from the perspective of debt financing. This pacer will use the rate of equity financing, the rate of debt financing and the rate of internal financing to represent the financing structure, and in depth analyses the relationship between the operating performance and the small and medium listed enterprises'financial structure, that is innovation of this paper. This study will help us further improve the financing structure of small and medium listed enterprises, improve the operating performance of listed enterprises and the competitiveness in international markets, has important theoretical and practical significance for accelerating the development of China's capital market.