Research On The Relationship Between Capital Structure And Operating Performance Of Listed Companies In Logistics

With the strengthening of the economic globalization trend,the modern logistics industry as the “third profit source” is becoming an important hot spot for economic development and a new economic growth point.At the same time,according to the SCP theoretical paradigm,“Structure →Behavior →Performance”,companies choose different financing decisions will form a differentiated capital structure,and then affect the management behavior,and ultimately affect the financial performance of the company and the listed company’s corporate value in the capital market.Therefore,research on the relationship between capital structure and operating performance of listed companies can not only guide logistics companies to find their own problems in the financing process,but also provide theoretical guidance for optimizing the capital structure of listed companies.This paper selects Listed logistics companies of China as the research object,takes the relationship between the capital structure and operating performance as the main analysis line,and selects the financial data of 51 Listed logistics companies from 2012 to 2016 from the Guotai’an database.Firstly,it uses the principal component analysis method to reduce the dimensionality of related indicators that affect corporate financial performance,market value,and comprehensive performance.Finally get the comprehensive performance score for three aspects of performance.Then A multivariate regression analysis was used to empirically study the relationship between capital structure and three aspects of performance and finally reached a conclusion.Through empirical research on the relationship between capital structure and business performance of 51 listed companies,it is found that the company’s retained earnings ratio is positively correlated with financial performance,and it is negatively correlated with market value performance and comprehensive performance.There was a significant negative correlation between asset-liability ratio and financial performance.The same is true for non-current liabilities.market value performance,and comprehensive performance.In the regression analysis of shareholding structure and operating performance,CR1,the shareholding ratio of the largest shareholder,was negatively correlated with financial performance.but it was positively correlated with the market value of the company and comprehensive performance.Z index,the equity balance index,has a positive correlation with financial performance and comprehensive performance,and has a negative correlation with market value performance.There is a positive correlation between H3,equity concentration index,and financial performance.At the same time,the H3 index has a negative correlation with market value performance and comprehensive performance.On this basis,the paper puts forward relevant countermeasures and suggestions from the three aspects of internal financing,debt financing and equity financing,hoping to provide new ideas for the healthy development of listed logistics companies of China.