| Capital structure has always been a hot research topic.But most of the research on capital structure has based on the Western capital structure theory.These studies take different countries and different industries as research objects for empirical analysis.In fact,Marx made an in-depth analysis of capital structure.This paper is based on Marx’s theory of capital structure.This paper analyzes the influence of capital structure on business performance of liquor listed companies in China.The purpose of this paper is to put forward some suggestions for improving the business performance of liquor listed companies in China.The capital structure of this paper is measured from the two dimensions of capital organic composition and financing structure.Capital organic composition means the proportion of constant capital and variable capital in prepaid capital,which is the capital structure in Marx’s economic category.Financing structure refers to the proportion of debt capital financing and equity capital financing in virtual capital,which is based on Marx’s form and effect on virtual capital.Based on Marx’s capital organic composition theory and virtual capital theory,this paper analyzes the influence mechanism of capital structure of liquor listed companies in China on their business performance.Based on the above analysis,two hypotheses are proposed: H1 Capital organic composition of liquor listed companies in China is negatively correlated with business performance.H2 Financing structure of liquor listed companies in China is negatively correlated with business performance.The research object of this paper is 25 listed liquor companies in China before2003.On this basis,the listed liquor companies in China are divided into three categories: white wine,beer,red wine and yellow wine.The time span is from 2003 to 2020.Through panel regression analysis,the following conclusions are obtained:(1)The organic capital composition of listed liquor companies in China is negatively correlated with business performance.In order to improve business performance,listed liquor companies in China choose to actively reduce the organic composition of capital.The white wine industry passed the significance test.(2)The financing structure of listed liquor companies in China is negatively correlated with their business performance.It shows that the listed liquor companies in China can improve their business performance by increasing the proportion of equity capital financing.Based on the above research,the following suggestions are put forward for China’s liquor listed companies to improve business performance:(1)The company level.The company should keep a reasonable ratio of constant capital and variable capital.The liquor listed companies in China can improve their business performance by reducing the organic composition of capital.Maintain a reasonable ratio of debt capital financing and equity capital financing;To ensure the advantage of virtual capital financing in capital market by improving the quality of the company.At the same time,the company should pay more attention to the company’s virtual capital price fluctuations,establish an early warning mechanism,reduce the possibility of crisis.(2)Government level.The government should actively guide the liquor listed companies to adjust the organic composition of capital in order to achieve profit breakthrough.At the same time,the government should promote the construction of multi-level capital market system,establish a risk warning mechanism,and provide a better capital market environment for the improvement of operating performance of China’s liquor listed companies. |
