The Impact Of Capital Structure Of Listed Companies In My Country's Petroleum Industry On Financial Performance

The capital structure is an important indicator used to measure the source,composition and proportional relationship of a company's equity capital and debt capital.It is not only related to the internal business environment of the listed company,but also to the rights and obligations of shareholders and operators.It is inextricably linked with the company's future development direction and the transformation of decision-making institutions and governance models.Since the introduction of the MM theory in 1958,a large number of scholars at home and abroad have been intensively researching this.After decades of exploration,a famous theory of different ideas from different angles has been formed,but how the capital structure affects the company's performance.This issue has not yet reached consensus at home and abroad,and this issue still requires further exploration.As is known to all,oil and gas resources guarantee the economic and political status of the country and are also important materials in the construction of national defense security.From 2013 to 2017,the oil market environment is not good.At this time,we should pay more attention to internal problems,such as high asset-liability ratio and low level of asset operation.If we do not quickly solve internal problems,we will face the threat of macroeconomic environment.Therefore,under such a premise,it is of great significance to analyze the capital structure of listed companies in the Chinese petroleum industry.This paper analyzes and summarizes the research status of the influence of capital structure on financial performance in recent years.After that,the core concepts and theories were defined and descriptive statistics were made on the status quo of listed companies in the petroleum industry.Then,theoretically analyze this issue in detail,and on this basis,select the financial data of listed companies in China's petroleum industry from 2013 to 2017 as a research sample,and constuct empirical models from three aspects of asset and liability level,debt structure and shareholding structure,which is an empirical study of the impact of capital structure on the performance of listed companies in the petroleum industry.The empirical results show that the asset-liability ratio and financial comprehensive performance have a significant "inverted U-type" effect;the proportion of state-owned shares has a significant"U-shaped" impact on its financial comprehensive performance,and the financial comprehensive performance will increase with the increase of the proportion of state-owned shares;The shareholding ratio of major shareholders has a significant "inverted U"relationship on their financial performance;the ratio of current liabilities to the financial performance of oil listed companies is significantly negative.According to the results of empirical research,the debt level,liability maturity structure,and equity structure propose relevant suggestions for optimizing the capital structure of listed companies in the petroleum industry to improve the financial performance of enterprises.