The GEM Of Financing Structure Of Listed Companies And Corporate Performances Study

GEM is the2009launch of the emerging capital markets developed very rapidly in recent years, currently has nearly400listed companies, is an important part of a multi-level capital market. Financing structure has been the subject of attention of international financial, corporate financing decisions when projects need to focus on whether a reasonable financing structure will have a direct impact on the operational efficiency and the effect of funds, and thus have an impact on business performance. By studying the structure of corporate finance, performance-related issues can not only promote the sustainable and healthy development of the GEM listed companies, but also for improving China’s capital market is also important.Paper is divided into five chapters, the first chapter is an introduction, including research background, significance, research results and research framework. The second chapter is relevant theories, concepts, respectively, for the financing structure and corporate performance of these two concepts theoretical review and analysis of the structure, the concept of financing corporate performance indicators to define and introduce the relevant laid for later study theoretical basis. The third chapter is characteristic analysis, through a combination of current GEM listed company’s own characteristics, the use of comparative analysis, tables and statistics described the overall characteristics of GEM listed companies question the status quo and so on, and then analyzes the impact on the performance of the financing structure way. The fourth chapter is empirical research, the index data for GEM listed companies from2010to2013into finishing and multivariate regression analysis, trends and relationships of the variables, the results confirmed by the data of companies listed on GEM financing structure impact on business performance. The last chapter is the conclusion and outlook, as well asempirical results on the part of the contents of the first few chapters draw the appropriate conclusions on the basis of the analysis to explore, and the full text summary. Found some problems in terms of companies listed on GEM financing structure and make specific recommendations aimed at optimizing companies listed on GEM financing structure, promote the upgrading of the level of business performance. In this paper, the research method specification writing and empirical analysis combining with the financing structure, the performance of the relevant literature and the classical theory, by companies listed on GEM statistics2010-2013financial data and knot SPSS18.0statistical software on the financial data of listed companies on GEM empirical research, the results and ask questions and suggestions.The results show that:The total debt ratio (1) corporate performance and earnings per share were positively correlated with the large proportion of shareholders and the company’s size and performance was negatively correlated.(2) Most of the listed company’s assets-liability ratio is low, there is a strong preference for equity financing. Term debt financing structure (3) corporate unreasonable, the high proportion of short-term debt, long-term debt ratio is low.