A Study On The Relationship Between Financial Structure And Corporate Performance Of GEM Listing Companies

The capital is power of the enterprise production and management.So the financing structure of companies has been.discussed for many years.The different financing structures may bring different effects on the performance of the companies.Past researches were mainly focus on the main-board listing companies.There are few researches about the GEM listing companies.GEM mainly serves for emerging enterprises,high-tech companies,small and medium-sized enterprises,and provide financing channels for those companies.GEM information technology industry listed companies are related to investment,consumption,entertainment,health care,intelligent systems,security and other aspects.The information technology industry is the representative industry for GEM.So,this paper attempts to investigate the relationship between the financing structure and the information technology industry listing companies.The purpose is to provide theoretical basis for GEM information technology industry listed companies to adjust the financing structure.Firstly,this paper introduce the theories of financing structure and evaluation methods of company performance,including DuPont analysis method,Tobin Q value method,economic value added method,Waldo proportion method,balanced scorecard method,statistical analysis method.And then analyzes the applicability of these methods.About the object in this paper,this paper introduces the current situation of the GEM market and the industry distribution,and explains the reasons for the selection of the information technology industry listing company as the research object.In the part of empirical research,this paper analyzes the characteristics and changing trend of financing structure of the GEM information technology industry listing companies,using data from 2011 to 2014.And compared with the main-board market information technology industry listing companies,we found that the equity financing ratio of the GEM listing company is large than the main-board market listing company,the debt financing ratio of the GEM listing company is less than the main-board market listing company,internal financing ratio is basically the same.After the practical research,about the financing structure,we found that GEM information technology industry listed company internal financing ratio and the debt financing ratio are positive related with the firm performance,and equity financing ratio is negative related with the firm performance.About the internal structure of debt financing,we found that GEM information technology industry listed company short-term interest bearing liabilities ratio and commercial credit ratio are positive related with the firm performance,long-term interest bearing liabilities ratio is not associated with the firm performance.GEM information technology industry listed companies should lower the equity financing ratio and increase the internal financing ratio and the ratio of debt financing,due to the limited of internal funds,listed companies should be mainly to enhance the ratio of debt financing.In the internal structure of debt financing,GEM information technology industry listed companies should enhance the short-term interest bearing liabilities ratio and the long-term interest bearing liabilities ratio.According to analysis of the trend of financing structure,we found that the GEM information technology industry listing company has appeared the phenomenon to reduce the proportion of equity financing,and enhanced the proportion of debt financing.