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The Relationship Between Capital Structure and Company Performance

Author: WangYingWei
Tutor: WangMan
School: Dongbei University of Finance
Course: Financial Management
Keywords: capital structure company’s performance equipment manufacting
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 224
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Abstract


Capital structure means the inner composition of capital. This concept first defined as a financial conception. As to company’s balance sheet, the right part represents capital. So it is an important foundation to work over capital structure by quality and quantity. The study of capital structure has lasted 60 years since it started at 20’s middle period. Until now we still can’t figure it out clearly that what is the relationship between the capital structure and company’s performance. American famous academician Myers confirms that we still know not much about capita structure. The subject of this paper is about the capital structure. It is focused by all the stakeholders. The company owner, conductor, worker, even the supplier all care about the company’s performance. So figuring out how the capital structure will affect company’s performance can effectively influence the stakeholder’s cognition of capital structure. As for the capital structure is special for every industry, which has been confirmed by the past study documents, we choose equipment manufacturing industry as the target industry. Equipment manufacturing industry has high relevance and drive capability, also with high technology. It is an essential symbol of economic and technology level in a country or district. It is an foundational and strategic industry which concern about country’s profound benefit. It is a way to change the tradition industry with high technology. It is also the foundation of high-tech and information industry. Studying equipment manufacturing industry has great realistic meaning for our current economic development. Our country has so many equipment manufacturing companies of small size that colleting data is very difficult. So I choice quoted company as my study target. On one hand their data can found easily on internet, on the other hand they usually well conducted in relative industries. The studying on the quoted company can set a model for others. The theses choose empirical study as the study method for this study prefers the result’s realistic meaning. I choose 187 equipment manufacturing quoted companies’6-year data as universe. And I finally get results from regression analysis as follow:1. asset-liability ratio has negative correlation with company’s performance. When the asset-liability ratio rises from a low level, the company’s performance go with it. However if it goes over the maximum value, the increase results the falling of company’s performance.2. The current liability ratio has the same correlation with company’s performance. But the correlation is not much obvious.3. Ownership concentration has obvious positive correlation with company’s performance. The equity is more concentrated the conduct will be more efficient, so that the company’s performance will be better.4. The state-owned stake ratio has obvious negative correlation with company’s performance for the low efficiency.The creative point is that the industry I choose is rarely chose by other papers. The equipment manufacturing industry is the foundation of the second industry and important part of national economic, but has the characteristic of low benefit ratio and long invest term. So it is rarely studied by others. I study this theme to cause the others attention to this industry. The shortcoming of this thesis is the explained variables. They can’t explain all the aspects of company’s performance, although can explain most of it.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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