Empirical Research On The Capital Structure And Performance Of GEM Enterprise

Capital structure and company performance relation as the core of corporate governance,has been the subject of widespread concern of scholars home and abroad, at present, domesticscholars on the relationship among the two areas of research is mainly focused on the mainboard of the stock market and small and medium-sized market, the GEM market researchrarely. Growth enterprise market is a new capital market, nearly two years of rapiddevelopment, from the initial28to300listed companies, distribution companies throughoutthe country26provinces,90City, do poineering work board the market mainly in support ofsmall, high-tech enterprises capital operation, is the establishment of a multi-level capital animportant part of the market. Our country is in the key period of economic transition, highgrowth, innovative enterprises will become our national economy development the importantstrength. Therefore, to study the GEM market capital structure and company performancerelation, to advance the GEM market development, improving and perfecting the multi-levelcapital market in China play a decisive role.This paper first introduces the research background and research significance, and thento the domestic and foreign studies on capital structure and firm performance of the relatedtheories are reviewed, followed by a gem relevant financial statistics collection, from theindustry distribution, region distribution, debt structure and financing structure in severalaspects of comparative study, analysis of2009-2011years do poineering work board themarket capital structure changes and development trend, on the basis of this, from2010-2011the GEM listed companies data as the research object, using SPSS18.0statisticalsoftware to study variables for empirical analysis, to select the rate of assets and liabilities,current liabilities, long-term liabilities rate rate of capital and capital structure equity ratio as aproxy, Tobin Q, rate of return on total assets and net assets yield as the company performanceproxy, and from the solvency, profitability, the company scale and ownership concentrationdegree four respects to select the corresponding proxy indicators, using stepwise regressionmethod on capital structure and firm performance empirical analysis of proxy indicators,heuristic search gem market of capital structure and company performance relation. Theconclusion is: do poineering work board the market rate of assets and liabilities and corporateperformance is negatively related, long-term capital debt rate and corporate performance isnegatively related, current debt ratio and equity ratio and corporate performance is notsignificant. Finally, according to empirical results presented problem and proposal, hope to dopoineering work board the enterprise capital structure is unreasonable, financing, system is diseased wait for a problem to find way out, in order to improve the performance ofenterprises to provide reference for the gem.