| Research on the capital structure has been an important content in the field of modern macroeconomics, the capital operation is a prominent feature in modern enterprise management, and the enterprise to make capital operation of an important premise is to maintain a reasonable capital structure. At present, for domestic and foreign capital structure of the study was to capital structure and performance of the company relationship.Economic Value Added is a new type of performance evaluation method that popular abroad in recent years, this method considers the equity capital cost, and adjustments the accounting system not reasonable parts, overcome the defects of the traditional index, and be more objective reflection of the real situation of enterprise performance. In China, according to the requirements of the state-owned assets supervision, since2010, all the central enterprise introducing the new system performance evaluation of the economic Value Added. The central enterprise will adjust business since the economic value added implementation of the evaluation method, but the impact of enterprise economic value added factor is various, which influence enterprise’s capital structure is one of the important factors enterprise economic value added. So, the enterprise’s capital structure and economic value added what exists between what kind of relationship, and improve enterprise’s capital structure whether can enhance the enterprise economic value added, this series of problems still need to get further proof that this is the starting point of this paper writing.In the theory of foundation, this paper reviews the research history of capital structure and the enterprise performance, and based on this, first defines the concept of EVA and expounds its essence; Second combined with22order under the administration of the central enterprise controller business performance assessment interim measures defines EVA computation and adjustment issues to explain, summarizes the characteristics of the scholars from remain assessment system EVA; Finally, made clear the scholars from remain definition, this paper analyses the reasons of the assessment into scholars from remain EVA and its effect. The empirical analysis in part, this paper based on the performance evaluation system of the new scholars from renmin background, with the mechanical industry44home the central enterprise as research samples, and statistics software SPSS returns to EVA and asset-liability ratio,the asset-liability ratio the square, the leverage ratio, long term, Interest-bearing debt and Interest-free leverage regression analysis, find out the machinery industry scholars from renmin capital structure and the relationship between the EVA returns. Through the correlation and regression examine contrast analysis the conclusions are as follows:the central enterprise machinery industry listed companies is existence of the best capital structure, the asset-liability ratio and EVA returns are positively related, including long-term leverage ratio, and EVA interest-free returns are negatively related, the leverage ratio, Interest-bearing debt with EVA returns are positively related. According to the statistical analysis and empirical analysis results of this paper summarized the research conclusions; the paper brings forward several Suggestions to improve China’s scholars from renmin machinery industry listed company capital structure and financing environment Suggestions. I hope that through this paper research, other companies for scholars from renmin for a reasonable capital structure, in order to improve enterprise’s return on EVA provides some references. |
