Research On The Central Region Listed Company Capital Structure And Operating Performance Correlation

Since the implementation of Mid rise abruptly strategy, the central region’s economic development speed was significantly faster, but compared with developed regions in the East is still a big gap.Due to unbalanced gradient regional development policy, geography, history factors and their own development restrictions, the central region in capital market development extent lags behind, which brings about enterprise financing mode, management pattern, property right mechanism can not form a good coordination effect.As the concentrated reflection of capital market development level and Enterprise financing strategies, the capital structure problems through the corporate governance structure, debt against tax effect influence enterprise performance means has become a consensus.The capital structure of central region listed companies in the equity and debt financing, long-term capital ratio, and the composition of the debt maturity collocation is undeserved, has become the central regions economic development of restriction of bottleneck factor.Study of capital structure and operation performance of the listed companies, not only to optimize the capital structure of listed companies in central region has important reference value, but also to the improving of its own operating performance also has some help.This paper first followed in the study on the basic track of the theories of capital structure, analysis the research Situation at home and abroad, absorb the research achievements of predecessors, define and summary to the basic concepts and theories related to the capital structure.Secondly, analysis the present situation of the capital structure of listed companies in central regions, after summarizing and evaluating the basic features of listed company capital structure and operating performance,found that rate of assets and liabilities in whole slightly high, long-term capital debt rate on the whole is low,current liability is too high,the level of profitability ability, debt paying ability, operation ability and development capacity is generally lower than the developed eastern regions and the exit to industry and regional difference. Once again, conduct the statistical tests to the correlation of capital structure and operation performance of listed company in central region of related were in2009and2010from the overall situation and the branch line of business.results showed that:rate of assets and liabilities is a significant negative correlation to operating performance, long-term capital debt rate are not significantly positive relationship to operating performance.the empirical results indicate that capital structure and operation performance of listed company is not consistent by branch of industry, and from the industry characteristic and capital structure theory has earned on the explanation. Finally, from the perspective of the microscopic, this paper put forward balance grasp the capital structure proportion, reasonable collocation debt financing period length, the comprehensive investigation capital structure industry characteristics, dynamic use of capital structure adjusting methods;from the perspective of the macroscopic, accelerate the improving of the bond market in financing mechanism, further optimization of listed companies financing the proposal such as the environment, to optimize the capital structure of listed Companies in central region to improve its performance.The innovations in this thesis may be the following aspects:First, choose the central region from regional economic perspective,and the current situation and existing problems of the capital structure of the listed companies are analyzed.Second, the correlation to capital structure and operating performance of the central region of the listed company is researched on empirical in the aspects of the whole line and the branch line of business.Third, the rate of assets and liabilities and long-term capital leverage are integrated into representative index of the capital structure, from the point of view of debt and equity at the same time also thought to the influence of corporate operating performance in the aspect of long-term capital leverage, which has a more comprehensive research to the capital structure of the central region listed companies...