Empirical Research On Relationship Of Capital Structure And Operational Performance Of GEM Enterprise

Whether it is the theoretical significance or practical significance, the relationship between the company’s capital structure and its operating performance is a veryimportant research project. Undoubtedly, the study of the relationship between the corporate capital structure and its operating performance has very important practical significance, because the capital is the most basic elements of the business. At present, the interrelationship between the capital structure of listed companies on the Shanghai and Shenzhen main board market and its operating performance of the domestic and foreign scholars, many theoretical and empirical research, but few scholars involved in the GEM study. Shenzhen GEM is allowed to set up in2009, GEM set up a broader channel, you can easily direct financing of small and medium-sized high-tech enterprises, small and medium-sized high-tech enterprises in order to better development, we must optimize its capital structure. To completely solve the problems of the capital structure of listed companies, enterprisesmust master in the end what kind of relationship between operating performanceand capital structure. Therefore, we selected the object of study of companies listed on GEM and GEM listed companies the relationship between the operating performance and its capital structure, focusing on empirical research.To reflect the company’s capital structure, this paper uses two financial ratios: the debt ratio and long-term capital debt ratio. To set up the index which can reflect the synthetic performance of the public companies which are listed onGEM, this paper uses the method of principal component analysis．Also thispaper chooses datas of50companies listed on GEM and make a linear regression，and analyzes the correlativity between management performance and capital structure which are reflected by asset-liability ratio and long-term liability ratio)．...