| Looking at the government work report from 2015 to 2018,the state gives priority to supporting the automobile manufacturing industry and attaches importance to the development of automobile enterprises.Capital structure affects the financing cost and risk of a company and plays an important role in the company’s future development.As a barometer of the company’s development,business performance can reflect the company’s operating status.Therefore,it is of research value to analyze automobile manufacturing enterprises from the perspective of business performance and capital structure.In this paper,the relevant theories of capital structure at home and abroad are firstly sorted out,and the influence mechanism of capital structure on business performance is analyzed.Secondly,on the basis of theoretical analysis,the quarterly financial index data of 63 Automobile manufacturing companies listed in China’s A-share market from2012 to 2019 are selected,and the business performance scores of each company are obtained by using factor analysis method,so as to avoid the one-sidedness of A single index and the subjectivity of manual value assignment.Then,according to the different characteristics of companies’ response to the impact of common factors,panel data models with interactive fixed effects was constructed to explore the correlation between the two,and the empirical results were compared with the traditional panel model.The threshold model with interactive fixed effects is further constructed,and the nonlinear relationship between equity structure and debt structure is explored by taking equity structure and debt structure as threshold variables.The empirical results show that panel models with IFEs is superior to the traditional panel models in variable significance,coefficient standard error and model error.The number of recessive common factors was determined by the model to be 2.The response of each company to the common impact was different,but the overall impact was relatively weak.The increase of the company’s asset size,its asset growth rate and its current ratio is conducive to the improvement of its business performance.Corporate debt structure and equity structure have nonlinear relationship to corporate performance.Among them,the influence of debt structure on business performance is negatively correlated,with the threshold value of 24.86%.With the increase of the asset-liability ratio,the negative influence of debt structure on business performance first increases and then decreases.The influence of ownership structure on business performance presents an inverted "U" type relationship,with a threshold value of 68.74%.When the shareholding ratio of the first shareholder is less than this value,it is positively correlated with the company’s business performance,while when the shareholding concentration ratio is higher than this value,it is negatively correlated with the company’s business performance.Finally,based on the results of empirical analysis,this paper provides corresponding suggestions to the managers of listed automobile manufacturing companies in terms of company operation,and summarizes the shortcomings of this paper and the prospect of future research. |
