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Of capital structure and firm value the relationship between the two has been the focus of theoretical and practical circles. In general, corporate finance from internal financing and external financing, internal financing comes mainly from retained earnings, external financing, including debt financing and equity financing. Corporate external financing, equity financing and debt financing exists a great difference in the cost of capital, net income, tax, and business decisions, for example, the two different combinations to form different capital structure . Capital structure not only affects the cost of capital and the overall value of an enterprise, but also affect the corporate governance structure, even for a country or region's overall economic growth and stability will to a certain extent. Research capital structure optimization, for businesses, and its direct impact is to reduce the cost of capital, reduce financial risk, and improve the financial position and increase its market value. Therefore, the capital structure of research articles are numerous, but basically around the following three major directions: First, the research on the theory of capital structure, China's capital structure research lags behind, but with the vigorous development of the capital market, the capital the importance of structural studies have been increasingly important Chinese scholars. The late 1990s, China around the MM theory of capital structure research, economics and game theory research methods continue to integrate into the theory of capital structure, the scholars not only of theoretical but also through the establishment of normative mathematical model of empirical methods to find the optimal capital structure; Secondly, the study on the factors affecting capital structure from Lu Zhengfei, Xin Yu started began, many scholars according to China's special situation from different aspects of using different methods to do the empirical studies, respectively, to verify the performance of the company, firm size, growth, and institutional environment, and other factors affect the capital structure; once again, mainly around the capital structure and corporate value empirical research, and many research results show that the capital structure and corporate performance really related, but the two are positively correlated or negatively correlated that there is no unified conclusion. In addition, previous empirical research focused on one area of ??the capital structure, all listed companies in the sample data for the study, research, did not consider the differences of the company's growth. The view from the life cycle of the enterprise, the enterprise has grown from the establishment to always experience the different stages of growth, in the different stages of the business life cycle, its capital demand both in the quantity or nature will change. Therefore, the scientific understanding of the law of corporate capital operation linked enterprise and corporate life cycle and its financing needs is important. Analysis of the growth of the enterprise forward-looking characteristics conducive to recognize the status and trends of enterprises in market competition, which also provide the basis for long-term business decisions. Enterprises under different growth financing has different requirements, select the appropriate capital structure, and ultimately to promote the enhancement of the value of the company according to the actual needs of the enterprise. This is the purpose of this research to the different growth research premise, respectively, to explore the relationship of the high-growth and low-growth, capital structure and corporate performance of listed companies to put forward policy recommendations in order to optimize the capital structure. Of this study foothold in the corporate life cycle theory, and then combined with the classic Myers investment less than the agency cost hypothesis and Jensen excessive investment agency cost hypothesis, put forward hypotheses. The paper first theoretically a theoretical analysis of the basis of the capital structure issues at home and abroad about the relationship between capital structure and corporate performance empirical research situation. In addition, principal component analysis using mathematical statistical description and statistical analysis of the growth of listed companies through empirical analysis, to build econometric model to examine the relationship between listed companies' capital structure and corporate performance under different growth. The text of this paper is divided into five chapters. The main content and perspectives are as follows: Chapter 1 Introduction This chapter first introduces the research background, research purpose and significance of the research method and innovations, and finally describes the content and framework of this research. This paper argues that both of capital structure and corporate performance is an ancient but timeless topic, Looking at previous studies, with little regard to the differences in the circumstances of the company's growth opportunities. In this context, this paper attempts to take scientific research methods to explore the relationship between capital structure and corporate performance in accordance with the the growth score divided listed company data, turn under different growth background, in order to improve the capital structure optimization company governance put forward policy recommendations. The second chapter of Capital Structure and Corporate Performance Overview In this chapter, the author after the introduction of capital structure and corporate performance related concepts, recalling the classic theory of capital structure course, from the establishment of the traditional theory of capital structure, to the modern capital The Structure Theory MM theory proposed research ideas continue to expand and the the MM theory stringent assumptions continue to relax, and the introduction of the tax effect, agency costs, asymmetric information and other factors. On the basis of theoretical analysis and empirical research at home and abroad are reviewed. A review of research in the past, although the relationship between capital structure and firm value under different growth opportunities inconclusive, but there is a certain relationship between the three has is the fact. Therefore continue research in this area, have certain theoretical significance and practical significance for the interpretation has the the company financing behavior and rational decision-making under different growth. Chapter growth of listed companies of this chapter, the growth score calculation is the fourth chapter of the preparatory work of the basis of the analysis of empirical research. In this chapter, the authors selected a total of 1602 samples of the 2008 A-share listed company data, in order to eliminate the possible impact of the abnormal samples for research conclusions, the original sample filter according to the following criteria: (1) Excluding financial listed The company's sample of 28 observations; (2) eliminate the ST 162 listed companies. The final 1412 sample observations. Principal component analysis using SPSS then select the cash strength, five indicators of the growth rate of total assets, net profit growth, revenue growth and earnings growth score derived growth score of 1412 listed companies. Chapter Empirical Analysis of China's listed companies' capital structure and corporate performance in this chapter is the core part of the full text. The author based on classic Myers investment agency cost hypothesis and Jensen excessive investment agency cost hypothesis, put forward the hypothesis. Subsequently, on the dependent variable, independent variables and control variables defined by the what-if analysis and to learn from previous scholars on the basis of this study the empirical model. Then linear regression analysis using SPSS regression of high growth and low growth company, and comparative analysis of the relationship of capital structure and corporate performance under different growth the following conclusions: either high-growth or low growth companies, capital structure and corporate performance are significantly negatively related to debt financing can not play a role in improving company performance. Chapter 5 Conclusions and recommendations of this chapter is the last part of the article, the first to do a summary article summarized, then the policy recommendations of the conclusions of this study: First, in order to improve the capital structure and give full play to the debt hard constraints, vigorously develop the corporate bond market; Second, the development of regulations and regulatory policies that reverse equity financing preference; Finally, to strengthen the governance role of banks as creditors. Throughout these studies, the following have made contributions to: (1) domestic and foreign research articles vast, capital structure and corporate performance of listed companies, but mainly the study sample limited to explore the relationship between the two on the same premise not take into account the impact of the growth of the company in the external environment, therefore this paper based on the classical capital theory to explore the relationship between capital structure and corporate performance of listed companies the two sets of data is divided into high-growth and low-growth. (2) for the determination of growth, I consider both static indicators selected dynamic indicators, both joined the company's internal financial indicators to join a market value judgment indicators selected indicators reflect the company more comprehensive growth characteristics, research methods using principal component analysis of statistical science score calculated growth. (3) on the basis of drawing on previous research, an empirical model of capital structure and corporate performance, combined with the characteristics of listed companies, as the control variables such as company size, profitability, equity situation and industry variables introduced in the model variables, more rigorous obtained empirical results. The same time, due to the author knowledge and ability is limited, this study has the following disadvantages: (1) The sample size of this article select fewer, as well as to simplify the processing of research data, select only the year 2008 in Shanghai and Shenzhen listed companies The sample, the observation period is relatively short, and does not consider the effects of time-varying. Recommended in future research, you can select several years of annual data, consider the impact of the time series and panel data study; (2) build a regression model, the asset-liability ratio represents the capital structure, and no assets debt ratio divided interval considered, some deviations may lead to the regression results. In follow-up studies, scholars consider the asset-liability ratio divided interval, through a comparative study of different intervals, to arrive at a more accurate result. In addition, this paper only consider the broad concept of capital structure, asset-liability ratio is selected to represent the capital structure, the narrow conception is not considering. (3) divided into high-growth and low-growth companies, not to think of a more scientific and rational classification method only based on subjective judgment, the order of the score value artificially divided into high-growth companies The two sets of data and low-growth companies. Recommended a more rigorous scientific methods to explore in future research.
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