Correlation Study Of Capital Structure And Corporate Performance Of Listed Companies In China

Capital structure is the result of different combination of the capital financing, which affectthe company’s total capital cost and benefits directly from various aspects, and affect thecompany’s board structure and the future continuous operation of the company. The optimizationof capital structure of the listed company, which not only relate to the quality of ascension and theinvestment value of listed companies, but also affect the confidence of investors and the sustainedand healthy development of the securities market. At present, the studies of correlation betweencapital structure and corporate performance present the characteristics of diversification, and thereare very few studies of capital structure and corporate performance for the information technologyindustry of listed companies in our country.Information technology industry is the emerging industry in our country, which is thestrategic pillar industry of national economy in our country, which has characteristics of hightechnology content, huge scale of industry, fast progress of technology, high capital investmentand the high risk of financial, etc. Information technology industry has a huge demand for capital.It is very important for its ability to raise funds, and different sources of funds will form differentcapital structure. At the same time, the information technology industry listed companies asnon-profit organizations, its fundamental goal of carrying out different business is to realize thevalue of the company better, and to create better corporate performance.Based on the data of228information technology industry in our country listed company from2010to2012as examples, this paper goes to investigate the relationship between capital structureand corporate performance, taking the ability of debt paying, ability of profit, ability of operating,ability of growth and ability of cash flow of17financial indicators as indicators of performancemeasurement. Through the factor analysis method, building company comprehensive performanceof quantitative model F as the dependent variable. Taking ratio of asset-liability, ratio of long-termcapital debt and ratio of liquidity as independent variables, and taking the size and growth of thefirm as control variables, through multiple regression analysis and curve analysis to study therelationship between capital structure and corporate performance. Through the study, which showsthat the ratio of asset-liability and corporate performance have inverted "U" type of quadraticcurve relationship, which exists an optimal asset-liability ratio. The ratio of asset-liability is inpositive correlation with corporate performance stage, and ratio of current debt and ratio of long-term capital debt are negatively related to the company performance, and company size andcontrol variables of growth are positively related to corporate performance. According to theresults of the empirical analysis, to put forward relevant policy Suggestions to optimize the capitalstructure of the information technology industry of listed companies in our country.