The Study Of Relationship Between Capital Structures And Growth Of GEM Listed Companies

On October 30_th,2009,our country the gem officially opened.Growth is the characteristics of the gem listed companies,but the gem listed companies due to its own characteristics for its development has brought the high risk,high risk characteristics of the gem listed companies and its high-growth properties are like two sides of a coin,they are mutually dependent and inseparable.The growth enterprise market of the ability to resist risk has been plagued by investors;corporate executives have been looking for ways to reduce the risk of the company,to seek in the best interest of enterprises.Capital structure has been the domestic and foreign scholars study object,is so important,because the capital structure to a certain extent,can measure the overall development of the enterprise.There are many kinds of assets,such as current assets and non-current assets,assets of different sources,such as from the liabilities and owners'equity is the enterprise's capital structure.Capital structure is not immutable,should according to their own development goals,the appropriate adjustment,in order to achieve the effect of internal and external unified.Growth in the same way,the use of the advantage of market economy,changing its own structure,make full use of the opportunity,formulate corresponding management strategy,to achieve business objectives.The development of the enterprise is a process of quantitative change to qualitative change.This is a process from quantitative change to qualitative change.The fast development of enterprises can be the enterprise capital structure optimization results.However,the development of the enterprise and economic policy is inseparable;the uncertainty of economic policy moment affects the enterprise the relationship between capital structure and growth.In this paper,based on data from the gem listed companies from 2010 to 2015,based on the uncertainty of economic policy perspective,research gem listed company capital structure and growth under the condition of economic policy uncertainty will be affected by how.So this article in the backdrop of the financial environment in our country is not stable,consider this factor,economic policy uncertainty using OLS to multiple regression,to study the relationship between capital structure and growth of the gem listed companies in China,found that asset-liability ratio is higher,the repayment pressure will cause the company not to invest in projects of high risk high reward,makes the company growth decline;Short-term capital ratio,on the other hand,the larger companies tend to liquidity risk is higher,making it put a lot of energy to create cash flow in the short term projects to avoid capital chain rupture,and neglected the construction of company's growth,and growth have a negative Through the research conclusion of this paper shows that for the gem companies high-growth enterprises should reduce the debt financing,reduce enterprise because debt brings to the company's financial risk,the existing funds to expand existing business,using growth opportunities to expand the scale of the company,to bring more benefits.In addition to adjust the asset structure of enterprise,enterprise will focus on economic policy change the uncertainty caused by the unstable factors.Always understand the country's macroeconomic dynamic,followed by economic policies and reasonable internal industrial structure adjustment.