Market Financing Structure And Financial Performance Of Listed Companies In The Steel Industry

This paper takes listed companies in the steel industry as the research object to analyze the impact of different financing structures on financial performance.Different financing methods and financing costs have different impacts on financial performance.The financing structure determines the use of funds to some extent.A certain proportion of funds are used to reduce carbon for the steel industry with high carbon emission characteristics,under the pressure of carbon reduction,thereby affecting the financial performance of enterprises.Therefore,capital investment as an intermediary variable.One of the best ways to reduce carbon emissions is low-carbon technology innovation,which affects financial performance together with the financing structure,so low-carbon technology is the moderator of the financing structure.This paper focuses on the theory of financial performance.This paper mainly analyzes capital preservation theory,financial control theory,capital cost theory and financial mechanism theory.The financing structure theory which affects financial performance mainly includes creditor ’ s rights investment theory and equity investment theory.Innovation theory which has a regulatory relationship with financing structure mainly includes neoclassical innovation theory,new Schumpeter innovation theory and national innovation system theory.This paper studies the characteristics of technology mutation in the process of low carbon transformation of high carbon industry on the basis of theoretical analysis.High-carbon industries show the characteristics of technological mutation in the process of low-carbon transformation,so continuous lowcarbon innovation investment can reduce the carbon emissions of these industries.Moreover,in this process,it is often accompanied by energy rebound,which is easy to hinder low-carbon technology innovation and innovation effect.On the basis of summarizing the law of technological innovation in high-carbon industries,the financing structure and financial performance of the steel industry are analyzed.Using econometric theory,taking financing structure as independent variable,technological mutation as moderating variable and capital investment as intermediary variable,this paper analyzes the impact on financial performance.The results show that capital investment is an incomplete mediator because it affects financial performance not only inward investment but also outward investment.Although equity financing has a negative impact on financial performance,debt financing has a positive impact on financial performance,but under the influence of low-carbon technology mutation adjustment variables,both equity financing and debt financing are positively correlated with financial performance.Equity financing increased by one unit,financial performance increased by 0.5158 units;Debt financing increased by one unit,financial performance increased by 0.7617 units.Moreover,these models pass the endogeneity test and robustness test,indicating that the possibility of missing important variables is small,and the constructed model can scientifically describe the basic process of financing structure affecting financial performance.Moreover,formulating scientific financing strategy,guiding iron and steel enterprises to join the carbon trading platform and promoting technological innovation are the powerful guarantee to improve the financial performance of iron and steel enterprises.Combined with the internal and external environment of the steel industry to develop scientific development strategy,optimize the financing structure,help to improve financial performance.The game theory can prove that the carbon trading of the carbon exchange started in June 2021 helps to improve the financial performance of iron and steel enterprises.Therefore,the iron and steel industries should actively apply to enter the carbon exchange.Technological innovation to improve financial performance,one is to speed up crosstrack technology breakthrough,research and development of new technologies,especially original technology,on the other hand is to speed up the progress of track technology,accelerate the promotion of new technologies.