An Empirical Research On How The Financing Structure Of The Listed Small And Medium Enterprises Influences Its Corporation Performance

As the small and medium enterprise board and the GEM has established and become more perfect, China’s SMEs have more financing methods, especially there is great significance to ease the SMEs’ financing situation brought by the financial crisis, not only can help SMEs fight against the financial crisis, but also can relieve the employment pressure in a certain extent and maintain the social stability. SMEs acquire capital from different financing means. Because of the differences of acquiring capital’s means, ways and the length of time, enterprises’ different financing decision will lead to different capital structure. The selection of corporate capital structure is related to improve the performance of the company, and ultimately it is related to the long-term development of SMEs.This article takes the relationship between the financing structure and the listed SMEs’performance as the main object of study. First of all, this article has studied the status of the financing structure and the performance of the company of Chinese Listed SMEs, which found that China’s listed SMEs are more likely to use external financing, internal financing proportion is a little low. On the corporation performance, China’s listed SMEs’ performance is better than the main board market’s performance, and the trend is almost the same with the main board market. And then based on the theories of financing structure at home and abroad, combined with China’s actual situation, in the empirical analysis, this paper selects three explanatory variables, five control variables, the rate of return on total assets and earnings per share as the independent variables, constructing two multivariate regression analysis model, analyzing115Listed SMEs in total690samples from2007to2012through the software SPSS, the study found that the relationship between liability-asset ratio of Listed SMEs and its performance are inverted U type’s quadric curve. For the debt maturity structure, debt maturity structure and corporation performance is negatively related, which shows that more long-term debt more detrimental to improve the performance of the company. From the analysis of ownership structure, the relationship between H5index of Listed SMEs and its performance are inverted U type’s quadric curve, too high or too low equity concentration is not conducive to improve the performance of SMEs, only maintaining the equity moderate concentrated is most favorable to improve the performance of listed SMEs.