An Empirical Study On The Relationship Between Financing Structure And Financial Performance Of Listed Companies In Electronic Manufacturing Industry

Debate about financing structure has been a hot topic in the field of finance. As the company’s operating results, financial performance is owners, investors, operators, the debtor, the core issue of common concern to the regulator, the financing structure and how to influence each other, scholars have done a lot of research to this problem, the scholars now generally agree that both present different role in different industries.Manufacturing industry is the pillar of the national economy, the relationship between the national economy and people’s livelihood, electronics manufacturing because of its large scale, high technical content, high capital requirements and become an important part of manufacturing, technology and experience accumulated for many years, our country has a certain competitive power, is to achieve high value-added industrial scale production of one of the breakthrough. Clarify the relationship between the financing structure and financial performance, can provide relevant in optimizing corporate governance structure of listed companies, to prevent financial risk and experience and reduce the monitoring cost and improve the incentives to provide theoretical basis for decision-making.In predecessors’ on a line of financing structure of listed companies in the industry correlation between financial performance and on the basis of empirical analysis, this paper introduces the financing, financing structure, and the definition of financial performance and their habitual way of classification, theoretically interpret the impact of financing structure on financial performance will be, as to provide theoretical basis for the following empirical analysis. In the empirical part, firstly describes the electronic manufacturing industry listed companies financing structure, financing can be divided into again on behalf of the financial risk of debt financing and on behalf of the management risk of the owner’s equity financing two kinds big, in each kind of model selection and different Angle index, finally puts forward six hypotheses.The research results indicate that: the electronic manufacturing industry asset-liability ratio were positively correlated with corporate performance, and the domestic most of the empirical analysis result is not very consistent, but in line with the classical theory of financing abroad, the positive impact of debt financing has been effectively play; The relationship between current liabilities and corporate performance and expected positive correlation is not the same; The diversification of financing channels to improve financial performance, the empirical results also show that commercial credit and fiscal financing rate has the effects on financial performance have positive correlation; Internal financing as the most preferred way of financing in optimal sequence financing theory, supported by empirical results; From the perspective of nature and concentration of equity inspects the representative indicators of the equity financing current ratio and the first big shareholder proportion, the former has negative correlation with financial performance, the latter is a positive phase correlation.