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The Empirical Study of the Correlative Relation between Capital Structure and Financial Performance of Chinese Listed Companies

Author: ShiShiSong
Tutor: MengFengPing
School: Anhui Agricultural University
Course: Technology Economics and Management
Keywords: Chinese listed companies Capital Structure Financial Performance Rates of Debts Empirical Analysis
CLC: F275
Type: Master's thesis
Year: 2008
Downloads: 348
Quote: 0
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Abstract


Capital structure is worthy of study for its great theoretical and practical value.And the problem of capital structure is a key problem in the financial administration of modern enterprise,whether its installing condition is reasonable or not has an important effect on enhancing the performance of companies.And the theory of capital structure of corporation have become hotspot subject in securities business since 1958.The conclusion that the capital structure influences the financial performance was agreed and accepted,but still has no clear and consistent conclusion on the above two issues.The financial researchers have always been seeking for the relationship between the financial structure, corporate value and financial performance.And many economists raised difference capital structure theories from different angles.For example,the theory of signal transfer,the pecking order theory,the theory of control-rights shift and the agency cost theory.So what on earth is the relationship between the capital structure and the financial performance of Chinese listed companies? How to improve the capital structure of Chinese listed companies? And how to enhance the financial performance of Chinese listed companies? The main aim of studying the capital structure is to offer a theoretical explanation and prediction on the relationship between the capital structure and corporate financial performance.This thesis mostly take the relationship of capital structure and financial performance of Chinese listed companies as research object,discuss the effect of capital structure of Chinese listed company to capital perform from two angles of theory and demonstration. The paper is expanded according the clue of "put forward the problem-analyze the problem-solve the problem".Firstly,we take a demonstration analysis to the relationship between capital structure and financial performance through financial dates of Chinese listed companies of 2006,using ROE,CFE as dependent variable,the rates of debts,the current liabilities rates,proportion of first large share holder,the holding proportion of first to tenth large share holder as independent variable.The results of analysis indicate:the rates of debts,the holding proportion of first large share holder,the holding proportion of first to tenth large share holder are negatively correlate to financial performance of company,the current liabilities rates is correlate to financial performance of company,and capital structure and equity concentration ratio results in different corporate financial performance reflecting difference between industries.Secondly,we offer 6 suggestions of perfecting capital structure and improving financial performance of Chinese listed companies.As an article with empirical study,this paper has limitation that other empirical analysis has.At the same time,be cause of the author’s researching abilities,this paper doesn’t analyze the size and the lifecycle.

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