The Research On The Correlation Between Capital Structure And Corporate Performance Of The Listed Logistic Companies

As the carrier of the national economy, the logistics industry plays an importantrole in the healthy development of the functioning of the national economy. It has thusbecome the focus of concern. Since21st century, China’s logistics industry hasdeveloped rapidly, the competition between logistics enterprises increasing fiercely. Inthis period, improving the company’s competitiveness effectively and increasing thelevel of corporate performance are the problems that must be addressed by logisticsenterprises.A large number of study results abroad showed that the influence of company’scapital structure on the level of corporate performance may be affected by differentindustries, and only the logical capital structure can support the development ofenterprises effectively. However, the domestic researches on the relationship betweencapital structure and corporate performance of logistics enterprise has almost noliterature. Therefore, this paper taking the listed logistics companies as the sample, toresearch the relevance of the capital structure and corporate performance as well as theproblem whether there is an optimal capital structure, then explore an approach topromote the development of logistics industry.Firstly, this paper reviews the domestic and foreign theoretical studies of capitalstructure and corporate performance, then summarizes and evaluates existing results.Secondly, this paper analyzes the status and characteristics of capital structure andcorporate performance of listed logistics companies, concludes that the asset-liabilityratio and the long-term capital debt rate and some other indicators of China’s logisticscompanies is low, and the growth of China’s listed logistics companies is low. Thirdly,this paper takes52listed logistic companies in2008-2012as the sample, then usesfactor analysis theory to build a comprehensive performance indicators F, including19indicators from4dimensions, such as the company ’s profitability, solvency,operational capacity and growth ability. Finally, taking the representative of the broadindicators of capital structure asset-liability ratio and the representative of the narrowlyindicators of capital structure long-term capital debt ratio represents the measure ofcapital structure of the sample companies, and selects the ownership concentration (topten shareholders in proportion), company size(natural logarithm of total assets) ascontrol variables, then uses linear regression theory to analyze the correlation between the capital structure and corporate performance of listed logistics companies in China.The results show that whether asset-liability ratio or long-term capital debt ratio has thesignificant negative correlation with corporate performance of China’s listed logisticscompanies, and the corporate performance also affects the asset-liability ratio negatively,but China’s listed logistics companies do not exist optimal capital structureinterval.meanwhile, the results show that there is a positive correlation between theownership concentration and the corporate performance, and a negative correlationbetween the corporate size and corporate performance.