Study On The Correlation Between Capital Structure And EVA Of New Energy Industry

As an integral part of enterprise development,capital structure has been an important subject of theoretical and practical research for many years,and has been born with related capital structure theory.Early theories mainly discuss the relationship between liability structure and enterprise value.Later,the MM theory added more hypothesis conditions to discuss the relationship between liability structure and enterprise value.The modern theory discusses the capital structure of the company from more angles,such as the structure of equity and the structure of financing.We can find that the study of the three periods have one thing feature in common,the researchers hope that it is useful to improve enterprise performance by exploring the correlation between capital structure and enterprise value.Since EVA concept was introduced 30 years ago,enterprises have widely used it in the United States.EVA theory contains four aspects,these four aspects reflect four core functions of EVA in enterprise management.They are enterprise value evaluation,enterprise management improvement,enterprise employees incentive and enterprise culture construction.Unlike traditional performance evaluation indicators,EVA not only consider the cost of debts,but also the expected return of shareholders.In 2010,the state-owned assets supervision and administration commission introduced EVA to examine the performance of state-owned firms.In recent years,with deterioration of global ecological environment and decrease of fossil energy,the world began to actively research and development renewable energy.For our country,with increasing energy consumption,the decrease of traditional energy shortage,the government began to vigorously promote the development of new energy industry,and will be included in the "much starker choices-and graver consequences-in" new energy industry development plan.Under this background,the new energy industry has developed rapidly.But as a result of rapid development,new energy industry developed unbalance among the enterprises.there are large difference between operating performance of companies.As a technology-intensive and capital-intensive industry,the capital structure of the new energy industry is particularly important for the development of enterprises.Based on the new energy industry 55 a-share listed company data from 2007 to 2016 as the research sample,using the correlation analysis and regression analysis method to the capital structure of listed companies and study the relationship between the corporate performance indicators EVA.The results show that the asset-liability ratio is negatively related to the EVA significantly,debt ratio is positively related to the EVA significantly,commercial credit ratio is positively related to the EVA significantly,internal and external source financing ratio is positively related to the EVA significantly.Under the effect of comprehensive capital structure,the ratio of bank credit and EVA does not exist significant correlation relationship.After,on the basis of the analysis of the empirical results,in view of the new energy industry enterprises how to improve the capital structure and improve the enterprise performance provides some feasible Suggestions,for China's new energy industry companies and related reference for researchers.