The Empirical Study On The Relationship Between Capital Structure And Business Performance Of The Oil And Gas Listed Companies In China

The oil and gas industry plays an important role in the development of China’s national economy.However,the development of the oil and gas industry has encountered enormous challenges in recent years.In face of the complex internal and external environment,it is necessary to study how to effectively adjust and optimize the capital structure of oil and gas listed companies in China so as to improve their business performance.This paper aims to study the relationship between capital structure and business performance of oil and gas listed companies in China,and puts forward suggestions on how to optimize capital structure according to the analysis results.In order to get the relationship between the capital structure and business performance of China’s oil and gas listed companies,this paper chooses 36 oil and gas companies listed in Shanghai and Shenzhen A shares market before 2012 as the research object,and conducts empirical analysis on the sample data from 2012 to 2016.First,through factor analysis of 16 indicators in the four aspects of profitability,solvency,operation capacity and growth ability to obtain the comprehensive performance value.Second,we choose comprehensive performance value as the dependent variable and choose debt asset ratio,interest-bearing debt ratio,current debt ratio,the shareholding ratio of the top 10 shareholders,negotiable share ratio as the independent variables and take total asset,operating profit growth rate as the control variable.And then we choose the panel model for regression analysis to draw the relationship between capital structure and business performance.Finally,we will make relevant suggestions based on the results of empirical analysis.Through empirical analysis,this paper concludes the following conclusions: the relationship between debt asset ratio and business performance is positively correlated;there is a negative correlation between interest-bearing debt ratio and business performance;there is a negative correlation between current debt ratio and business performance;the relationship between the shareholding ratio of the top 10 shareholders and business performance is positively correlated;the negotiable share ratio is negatively correlated with business performance;and there is no significant correlation between enterprise size and business performance;the growth of enterprises has a positive impact on business performance.