An Empirical Research On The Impact Of The Gem Listed Campanies Financing Structure On Corporate Performance

Companies financing structure is the problem of contemporary economics research and an an important content of modern enterprise management. How to choice capital structure have an important influence on enterprise performance of gem listed company. The scale of gem listed companies usually less than the main board and small board companies, but, it has obvious difference between them. The gem listed companies pay more attention to the "high technology, high potential" of the enterprise, and has trait of "new form, new services, new technology, new material,new energy and new business model". As countries have different capital structure theory and economic system, so countries enterprise capital structure and the financing way of capital structure on the choice of exist some differences.Based on the above differences, this paper take the listed companies in China as the research object, study the influence of capital structure on corporate performance.provide the reliable theory basis for enterprises to choose appropriate financing way and improve the value of the company.On the basis of domestic and foreign scholar’s research achievements, this article from the theoretical and empirical aspects study the influence of capital structure on the company’s operating performance of the gem listed companies in our country. In model design, selection 2012-2014 of 168 eligible the cross section data of gem listed companies as research samples, 12 indicators selection can be on behalf of the enterprise business performance, factor analysis, classified as reflect the four common factor of corporate performance. In empirical study, using correlation analysis and multiple regression analysis methods, and SPSS statistical analysis software, analysis the capital structure of the gem listed companies and factor score which can be concluded on behalf of the company performance, to determine the impact of capital structure on corporate performance. The results show that the rate of assets and liabilities of the listed company of our country’s gem have significant negative correlation relationship with corporate performance; Short-term interest-bearing debt ratio and long-term debt ratio have no significantly related on corporate performance;Rate of commercial credit and enterprise performance is negatively related, bank loan ratio is no significant correlation on corporate performance; Equity financing ratio and operating performance has significant positive correlation; The ratio of internalfinancing is significant positive correlation with corporate performance.Enterprises should choose the endogenous financing first, followed by equity financing, finally to debt financing, this conclusion is inconsistent with optimal sequence financing theory. So the gem listed companies in our country should increase the ratio of internal financing, to promote enterprises have better development.