Research On The Relationship Between Capital Structure And Operation Performance Of Information Technology Listed Companies

With the concept of "Internet plus" being put forward,information-technology industry is in a critical period of transformation from traditional model to a new generation.It means higher requirements on innovation ability and the growth speed.As the government pay much attention to this industry,the research of the relationship between capital structure and business performance is of great practical significance.Capital structure is a important indicator reflecting the financial strength and testing the overall risk.The choice of different capital structure will produce different financial leverage effect and governance effect,influence corporate governance,affect their business performance.This thesis chose the pillar industry-IT industry which can promote the economic growth and promote the development of many traditional industries as the research object,and the 159 listed companies in Shanghai and Shenzhen are selected as the sample.On the basis of reviewing the existing research results,this paper discussed the relationship between capital structure and business performance from theoretical and empirical aspects.In the model design,the four models were constructed.The first model was to explore the relationship between debt structure and operating performance.The second model was to explore the relationship between debt level and operating performance.The third model introduced the square of asset-liability ratio to explore the optimal value of asset-liability ratio,and the fourth model was to explore the relationship between ownership structure and business performance.In the empirical analysis,the thesis first selected ten indicators of representative business performance,analyzed them by factor analysis,and classified them into four common factors.Then,it used the multiple regression analysis method,using SPSS20.0 statistical software to analyze the proposed five assumptions for validation.Through the analysis,the following conclusions were obtained;(1)Information technology listed companies have no linear relationship with the operating performance,but the inverted "U" type relationship is 53.541%.When the asset-liability ratio is in the range of 0-53.541%,the combined operating performance of the Company is positively related to the asset-liability ratio.When the asset-liability ratio is greater than 53.541%,the comprehensive performance(ComF)is negatively correlated with the asset-liability ratio.(3)Long-term capital debt ratio and business performance are positively correlated;(4)The proportion of the largest shareholder is negatively correlated with the performance of the business;(3)The long-term capital debt ratio has a positive correlation with the business performance;The proportion of the top ten shareholders and the performance of business performance is positively related.Combined with the present situation of the information technology listed companies mentioned in the third chapter,suggestions were put forward from the perspective of macro and micro two optimization countermeasures and Suggestions are put forward.