Research On The Correlation Between Capital Structure And Enterprise Performance Of Manufacturing Listed Enterprises In China

Manufacturing industry is the pillar industry of national economy growth.Manufacturing enterprises are the basis of manufacturing industry.The analysis of the problems and advantages of manufacturing enterprises can improve the overall performance of manufacturing enterprises to a large extent.On the basis of combing the literature and theory of capital structure and enterprise performance,this paper selects 42 representative manufacturing enterprises.We use factor analysis and data envelopment analysis to evaluate the capital structure and operating performance.In addition,the correlation analysis,Grainger causality test and fixed effect panel data model are used to analyze the relationship between capital structure and firm performance.The results are as follows:(1)In 2003-2016,the performance of Chinese manufacturing enterprises fluctuated greatly,which was mainly affected by the global economic crisis in the year of 2008 and the corresponding government economic stimulus.(2)In the aspect of ownership structure,the manufacturing enterprises begin to take advantage of the capital market to improve the level of investment and financing.(3)Ownership structure and debt structure are positively correlated with firm performance.Firm size is also positively related to firm performance.Therefore,manufacturing enterprises can optimize the capital structure to affect the efficiency of corporate governance structure and then affect the company's operating performance.this has great theoretical and practical significance on optimizing the capital structure of China's manufacturing enterprises,enhanceing the performance of enterprises and realize the revitalization of the manufacturing industry.