Research On Capital Structure And Corporate Performance Of Electronic Appliance Listed Companies

It is both practical and theoretical to dig into the issue that whether finance structures of the electronic appliance companies can make a difference to the performance of the companies. The Finance Structure Theory, as part of the modern cooperation theory, has made a rather deep research. Besides, as the advance of the electronic appliance industry, the relevant companies have gone public in the A share stock market. Here the article has made a research on the structure of the equity and the debt to better explain the structural influence on the performance of the company, which will have a notable influence on the optimization of the finance structure.At present, Scholars have committed a bunch of researches on the similar issues, which stressed more on the hybrid analysis or concerning about the whole A share market. However, since the finance structure differs in a large range due to the different kind of industries, we should concern on the unique part of the industry. What’s more, as the index chosen to reflect the structure of the company is very simplified, i.e. only finance index are considered and ignore the finance structure index. Here the author adopts REVA(relative economy incremental value) instead of the EVA to make a comparison of companies in different scale.The paper uses statistics to dig into the effect of the finance structure on the financial performance. The author adopts 51 samples from the companies gone public in the A share stock market and classifies them according to the Industry classification of China(GB/T4754-2011). The author in the first place analyzes the background of the electronic appliance market and then constructs the panel data model, by analyzing the concentration level of the stock, the belonging of the stock, the debt ratio and the term structure of the debts, we adopt the index such as stock held by the institutional investor, stock held by the top 1 stockholder, asset-liability ratio, current liability ratio and so on to raise relevant assumptions. According to the F test and Hausman test, we established 5 regression functions and use the OLS to regress them.The research shows that the factor such as stock held by the top 1 stockholder, stock held by the institutional investor, asset-liability ratio, the scale of the company and the relevant policy have a positive effect on the performance of the companies. The paper brings forward 3 aspects(a. Establish an appropriate ownership structure, perfect the relevant laws and regulations; b. Deploy reasonably short-term and long-term debt, optimize the debt maturity structure; c. Pay attention to strengthening the construction of direct financing and strengthen the construction of financing channels) to optimize the structure of the companies and summarize the shortage of the paper meanwhile.