Research On The Relationship Between Capital Structure And Corporate Performance Of Small And Medium Sized Board Listed Companies

Along with our country national economy has entered a stage of the new normal development,national government policy support "public entrepreneurship,peoples innovation",advocate the contemporary college students entrepreneurship,to start a business to promote employment,to promote small and medium-sized companies began,for the national economy has injected new blood,inspired the vitality of the national economy.However,due to their own limitations,small and medium-sized companies have been in a weak position in the fierce social market competition environment and are facing a huge survival test.In order to maintain the continuous growth of corporate performance in the fierce competition environment,small and medium-sized companies must deal with the complex relationship between capital structure,executive compensation and corporate performance,and improve their core competitiveness.This paper selected the small and medium-sized boards of listed companies of the relevant financial data as a representative sample of small and medium-sized companies,the executive pay as intermediary variable to explore the small and medium-sized boards of listed companies the relationship between capital structure and corporate performance,and through the construction of the capital structure,the relationship between executive compensation and corporate performance model,explore "capital structure-executive compensation and corporate performance" complex path,this study not only can enrich the capital structure and executive incentive theories,provide theoretical support for the related research,can also for small and medium-sized boards of listed companies in the fierce market environment how to stand out to provide some constructive Suggestions,I hope to make some contribution to the healthy and stable development of small and medium-sized board listed companies.Firstly,this paper sorts out the relevant literature on the relationship between capital structure,executive compensation and corporate performance,defines relevant concepts and selects various variable indicators,and expounds the theoretical basis of capital structure and executive compensation,which provides theoretical support for the following research hypotheses and empirical studies.Secondly,based on literature review and theoretical basis put forward the research hypothesis and build an empirical model,the empirical results show that the capital structure has a significant negative influence on executive compensation,executive pay has significant positive effects on corporate performance,capital structure has a significant negative influence on corporate performance,executive compensation play intermediary effect between capital structureand corporate performance.Finally,based on the results of empirical research,and combined with the reality and characteristics of small and medium-sized listed companies on the board,the paper puts forward relevant Suggestions: improve the debt financing mechanism,expand the enterprise debt financing channels;Improve the executive compensation system to stimulate the enthusiasm of senior executives;Expand the company’s scale and enhance its defense capability;Moderately improve the degree of ownership concentration and strengthen the degree of ownership balance;Improve the company’s continuous growth and maintain the company’s core competitiveness.The innovation of this paper mainly includes two aspects :(1)novelty of research perspective;This paper takes the variable of executive compensation as an intermediary variable,explores the relationship between capital structure and corporate performance,and introduces new research contents.The research perspective is of certain novelty.(2)novelty of the research object;This paper mainly takes small and medium-sized listed companies as the research object,which is different from the previous research object based on an industry,and the research object has certain novelty.