Research Of Capital Structure's Impact On Financial Performance Of Asset-light Enterprises And Its Optimizing Routes

Capital structure is an important issue in corporate governance.Under the connection of capital and credit,shareholders,creditors and managers understand their rights and obligations through a series of contracts,and they influence and control each other.Capital structure not only affects the financing cost,but also corporate governance which influences the value of the company.In the background of economic globalization and knowledge economy,asset-light enterprises have received popular recognition at home and abroad.As China's economy steps into the "new normal" phase,industrial upgrading and business transformation is the way to go.Traditional enterprises with high investment and extensive management are facing great challenges,at the same time,more and more enterprises began to take the asset-light operating model to gain competitive advantage in market.Most of the existing literatures on the theory of capital structure focus on the research of the traditional model enterprises,and lack of the research on the asset-light enterprises.Therefore,it is of great theoretical and practical value to study the factors that affect the capital structure of asset-light enterprises,and the relationship between capital structure and financial performance of asset-light enterprises.This paper makes asset-light enterprises as the object,then analyzes some factors of the capital structure,and researches the relationship of capital structure and financial performance through the example of 79 A-share internet listed companies.The article establish econometric models to study the issue and the panel data are from the financial statements of listed company from 2012 to 2015.The purpose of this paper is to help asset-light companies optimize the capital structure and select proper financing instruments to improve their financial performance.The results show that the There is no correlation between the concentrated shareholdings of the largest shareholder and the financial performance.The concentrated shareholdings of top ten shareholders are positively correlated with the financial performance.There is a negative correlation between the asset-liability ratio and the financial performance.The relationship between the current liabilities ratio and the financial performance is not obvious.There is a negative correlation between bank borrowing ratio and financial performance,correlation between the tangible asset ratio and the asset-liability ratio is not obvious,the current ratio,the R&D investment and the asset-liability ratio are negatively correlated.Improving the liquidity of assets and arranging R&D investment properly are capital structure optimization path.Finally,this article makes some recommendation to help asset-light companies optimize the capital structure and select proper financing tools.