|
The microstructure of the market economy based businesses, good management and sustainable development can not be separated from investment and financing activities, various financing, funding type and capital combined effect of the changes in the capital structure of the company, and thus enhance or reduce corporate performance and operating quality. The capital structure of listed companies and the performance of their mutual influence the situation more people are concerned about. The capital structure is the fundamental corporate governance, corporate governance dependent on capital structure. Equity financing and debt financing in the capital structure of the main creditors, shareholders and operators, and they exist in the corporate governance of listed companies with dynamic dependencies, also play a major role in corporate governance to improve enterprise performance. Reasonable capital structure has important practical significance to strengthen the internal management of enterprises, standardize enterprise behavior, and optimize enterprise resource allocation, enhance corporate value. Relationship between capital structure and corporate performance, the domestic and foreign scholars have carried out a lot of theoretical and empirical research, and draw both exist positively and negatively related to two contrary views. So, in different countries, regions, research the context of seeking the relationship between capital structure and corporate performance has the value of the in-depth study. Capital Structure and Corporate Performance of Listed Companies in China has been a hot topic in recent years, the business community and academia, the performance of listed companies and market performance in the play shares to some extent the economic barometer role. Central Hubei Province, 53 listed companies in Shanghai and Shenzhen, as the object of study, selected the company's financial data from 2007 to 2009, to build a multiple linear regression model, then tests and analysis of study listed company's capital the relationship between the structure and performance, the results show that the positive correlation between capital structure and performance of the listed companies in Hubei Province, means that the debt ratio in the capital structure to improve stock company performance can be optimized. This article is hope that the capital structure of listed companies in Hubei Province, Hubei and China, listed companies' capital structure of the three provinces of eastern and western regions are compared, Hubei listed companies on capital structure optimization, there are many problems in on the basis of two proposed in this paper. On the one hand from the listed company itself, the proposed reasonable dividend policy for dividend distribution, to maintain the capital structure of listed companies the flexibility and countermeasures to establish a sound internal governance structure; the other hand, from the external environment of the company, to promote the development of the bond market, and improve the information disclosure system and recommendations to improve the legal and regulatory system. Decisions and recommendations for the development of listed companies in Hubei Province and local economic Reference.
|