| With the deepening of China’s reform and opening up,China’s market economy has achieved rapid development,the characteristics of the current market competition have been deeply shown.If enterprises want to obtain business development,if they want to remain invincible in the fierce competition,they must pay attention to the improvement of enterprise performance.Enterprise performance,as an index to measure the business results of the enterprise,can show the state of the enterprise and evaluate the operation results from several aspects of profit,operation and development.The pursuit of higher enterprise performance,the role of promoting enterprise health,good development and realizing the sustainable and stable growth of the national economy should not be underestimated.As the equipment manufacturing industry is the main battlefield for China to complete the task of building a manufacturing power,how the development of the equipment manufacturing industry directly determines the level of China’s industry and science and technology.As a landmark industry of heavy industry industry,equipment manufacturing industry has a great impact on promoting the sustainable development of China’s economy.However,due to the high initial cost,high risk and long recovery period of China’s equipment manufacturing industry,it is difficult to avoid the problem of financing constraints,and enterprises face financing difficulties,which then affects the improvement of enterprise performance.On the other hand,the company as the main carrier of modern enterprise system has been widely recognized from all walks of life,and equity structure is the hot topic of modern corporate governance mechanism,establish reasonable equity structure helps to improve enterprise performance,and help to alleviate the negative effect of financing constraints.Therefore,it is necessary for enterprises to establish a reasonable equity structure,establish a perfect modern corporate governance mechanism,alleviate the negative impact of financing constraints on enterprises,and then further promote enterprise performance.This thesis mainly studies the relationship between financing constraints,equity structure and enterprise performance of listed A-share equipment manufacturing industry companies in China.Through reading and thinking about relevant data at home and abroad,this thesis selected 473 listed companies in the industry listed in A shares as the research objects.Based on the analysis of relevant data of these companies from 2016 to 2020,the relationship of its was effectively studied empir.It is found that financing constraints will inhibit the performance of Chinese equipment manufacturing enterprises,increase equity concentration,increase institutional investors and promote the introduction of private capital;reduce the internal equity balance of the enterprise and reduce the effect of financing constraints on the inhibition of business efficiency.The establishment of reasonable equity structure plays a more important role in improving enterprise performance.Finally,this thesis puts forward relevant policies and suggestions from the perspective of enterprises,establish a reasonable equity structure,play the regulatory role of equity structure,improve the quality of information disclosure,and promote the continuous improvement of enterprise performance. |
