上市公司的资本结构与绩效制度之间的关系分析Market capitalization of

Research on the relationship between the main market listed company capital structure and capital structure of listed companies and performance , has been a hot discussion theorists and made ​​a lot of achievements .
对主板市场上市企业资本结构以及上市企业资本结构与成绩的关系问题的研讨，一直是理论界商议的热点且获得了数量多的成果。

GEM as an emerging capital markets, which have a different motherboard market , the GEM market mainly for financing to support small and medium enterprises and high-tech enterprises and capital market operations , its low barriers to enter the market , focusing on companies with growth potential the growth and development, emphasis on the development of innovative enterprises , as opposed to the motherboard market, GEM has a higher forward-looking , focusing on the company's development prospects and growth potential ; on the other hand , the launch of the GEM market for small and medium enterprises a broader financing channels largely solved the difficult problem of financing small and medium enterprises . Thus greatly improving the investment environment in Australia's risk , making the operation of the capital market more active , smooth. However, due to the Main Market listing requirements than the loose , so GEM listed companies is relatively high risk , the requirements for disclosure of corporate information is even more demanding . From abroad , the GEM has been around a long time , while Australia GEM market is just emerging from the study of the relationship between capital structure and performance point of view, the theoretical study of the Australian community to GEM for the object is still not enough .
创业板市场作为最近兴起的资本市场，其与主板市场有所不一样，创业板市场主要针对帮扶中小规模公司与高新技术公司的筹集资金并施行资本运作的市场，其入市门槛低，重视公司的提高潜在力量与生长性的研发，看得起创新公司的进展，相对于主板市场而言，创业板市场具备较高的前瞻性，重视企业进展前面的景物与提高潜在力量；另一方面，创业板市场的推出为中小规模公司供给了更广泛的融资渠道，非常大程度上解决了中小规模公司融资难的问题。
GEM focus on high-tech enterprises and innovative enterprise capital operation , as an important part of Australia's capital markets , his path to further improve the investment expansion will have a profound impact. Under GEM listed company's growth , the listed company's capital structure and performance relationship is very worth exploring , its conclusion and for the healthy development of the GEM market in Australia 's capital market will have a very important significance.

创业板市场重视高新技术公司与创新式公司的资本运作，作为澳大利亚资本市场的关紧组成局部，他的进一步完备对投资通路的扩展必将萌生深刻长远的影响。在创业板市场下，上市企业的生长性、上市企业的资本结构与成绩的关系等都是十分值当研究讨论的问题，其获得的论断对于创业板市场以及澳大利亚资本市场的康健进展将具备非常关紧的意义。

Literature Review

Corporate performance reflects the company's performance and efficiency of operations , the company has a lot of performance evaluation index in recent years , the empirical study of the performance of a lot of many experts and scholars around the research methods used are mainly financial indicators evaluation method, market valuation method and the evaluation of economic value added . Financial Indicators evaluation method is mainly through traditional corporate performance evaluation on sales , net assets profit margin , total assets , such as margins and earnings per share to measure corporate performance , these traditional performance evaluation with high comprehensive, able to measure the performance of integrated enterprise , the main measure of the performance of listed companies , including profitability, solvency , operational capability , capacity and cash flow growth of five indicators , compared to a single indicator of performance evaluation has some advantages, but because capital structure and solvency indicators have certain similarities , therefore, measure the results will have some impact .

Many foreign theorists tended to by the market value of Tobin's Q value evaluation indicators to measure the performance of listed companies in question , mainly because of the potential for future appreciation Tobin's Q to better reflect the current value of the business and enterprise . The formula is as follows : Q = market value of the enterprise / corporate replacement. However, due to the domestic stock market disclosure of information asymmetry , the relevant state laws and policies , economic development , the level of interest rates and their own operating conditions and other factors have a big gap compared with other countries, subject to considerable limitations on the collection of sample data , so , the use of Tobin's Q to measure the company 's volatile performance level , accuracy is not high.

Based on the many deficiencies of two or more evaluation methods , the 90s of last century, the United States Stern Stewart & Company designed a new performance evaluation methods, namely EVA evaluation . The method in calculating the cost of doing business , when considering the cost of corporate debt , but also consider the company's cost of equity , by calculating the economic value added to measure the company's performance level. However , due to the EVA evaluation is the absolute indicator , can not effectively control the size of the enterprise and the differences between the various departments . Secondly , EVA measurement needs the financial accounting of the value measured , and therefore , there is a higher manipulative , and thus easily lead to dysfunction or failure of incentives . Finally , EVA on the separation of powers have certain requirements , the application is not wide enough .

Masulis (1983) theory of the use of post- weigh the empirical study , in fact, empirical research results show that : the company's debt levels and a positive correlation between corporate performance , and draw further conclusions , only when debt levels can be between only a 0.45 0.23 impact on corporate performance .

Bradley et al ( 1984 ) by selecting the company between 1962-1981 as the research object , including : 25 industries in 851 companies , after the data on these enterprises empirical analysis , the conclusion is : the company's debt level is a negative correlation between the value of the company .

Xiaozuo Ping ( 2005 ) selected in 1995 to 2002 of 204 non-financial listed companies as the research object, using the least squares method of third-order model for the corresponding estimated financial data correlation , while the use of the capital structure and corporate performance model this 204 non-financial companies listed on the empirical analysis of financial data , in fact, empirical research results show that : the capital structure and corporate performance is showed a significant negative correlation , and there is an interaction between capital structure and corporate performance .

Lu Jingwen , Zhushu Fang ( 2008 ) to year-end financial data of listed companies as a measurement basis , select the 234 listed companies between 2003 to 2006 as a research object, through the establishment of the capital structure and corporate performance model year-end above 234 listed companies financial data for empirical studies, the results showed that : the relationship between capital structure and corporate performance is negatively correlated , there is a linear correlation between some secondary Year capital structure and Corporate Performance .

Wednesday Deep ( 2009 ) to the 2007 financial data of Shanghai and Shenzhen A-share listed companies as the basis, select the Shanghai and Shenzhen A -share listed companies for the study, conducted in-depth study of its capital structure and corporate performance relationship . First, build a comprehensive performance indicators and capital structure model , and then analyzed using principal component analysis of performance indicators that reflect the Company's consolidated performance indicators , and finally, to establish a comprehensive performance indicators and capital structure model , through a series of analysis results show that : the company's long-term Company's consolidated debt ratio and a negative correlation between performance and short-term debt ratio , debt ratio, interest-bearing debt ratio , interest rate and the Company's consolidated debt is positively related to performance .

Theoretical analysis and research hypothesis

On the relationship between capital structure and corporate performance , scholars made ​​a lot of theoretical research, but the study of GEM listed companies also still rare. GEM market relationship between capital structure and corporate performance is like ? Capital organizations is how to influence corporate performance ? How much impact have become the focus of this article .

By studying the theory and relevant literature on the relationship between capital structure and corporate performance at home and abroad , on the basis of existing research results on the GEM listed companies for capital institutions and Performance , make the following assumptions:

Hypothesis 1: GEM listed company's asset -liability ratio and a positive correlation between corporate performance . Asset-liability ratio is the ratio of total liabilities at the end of the company 's total assets of the same . Good level of gearing can play financial leverage to make corporate profits . High gearing ratio will affect the company's solvency , asset-liability ratio will affect the low growth rate . GEM high-growth companies need more capital to support it , so within a reasonable range, asset-liability ratio and firm performance levels were positively correlated .

Assuming two : GEM listed company 's current liabilities ratio and a positive correlation between corporate performance . GEM-listed companies are characterized by small size of the company , growth is higher. For high- growth companies , the faster its growth , the greater the demand for money , when its growth rate is higher than the rate of profit , in order to meet cash flow needs , we need rapid financing to the outside world , so its main biased in favor of short-term debt financing , which is the flow of debt financing .

Assuming three : GEM 's long-term debt to capitalization ratio and a negative correlation between corporate performance . GEM-listed company mainly biased in favor of short-term debt financing , its long-term liabilities are generally small, and some even zero. The company will increase the impact of long-term debt solvency , solvency decline will further affect the company's performance level. Thus , the rate of long-term capital charge of a negative impact on corporate performance .

Research Methods and Modeling

Select variables
Study variables included independent variables and the dependent variable. In this paper, the performance of the selected companies in this study as the dependent variable (y), its agent variables ROE (ROE). In this paper, the value of assets to liabilities ratio (DAR), current liabilities ratio (SDAR), long-term debt to capitalization ratio (LDAR) and total assets (LNA) as independent variables in this study .

 The formula is as follows : ROE (ROE) = Net profit / current owner's equity ; asset-liability ratio (DAR) = total liabilities / total assets ; current liabilities ratio (SDAR) = short-term liabilities / total liabilities ; long-term debt to capitalization ratio (LDAR) = long-term debt / ( shareholders' equity + long-term liabilities ) ; logarithm of total assets (LNA) = Company 's total assets at the end of the value.

Model Construction

In this paper, multiple linear regression method , to create a multivariate regression model to affect the company's performance in the capital structure factors were analyzed to study the relationship between the presence of their specific model was constructed as follows :

 Y = a + β1X1 + β2X2 + β3X3 + β4X4 + ε
Wherein: Y is net gearing ratio ; a constant term ; βi is the regression coefficient of the i-th variable ; Xi is the i-th factor affecting corporate performance ; ε is a random variable. In which representatives of the asset-liability ratio values ​​X1 , X2 behalf of current liabilities ratio , X3 behalf of long-term debt to capitalization ratio , X4 represents the total assets.

Data Sources

 In this paper, the data mainly from CNINF GEM platform and information disclosure in the annual report of the Shenzhen Stock Exchange GEM plate and the GTA database.

Sample Selection

This article randomly selected Shenzhen Stock Exchange GEM listed companies as the research object , select the former 225 GEM listed companies , after inspection of its 2010 annual report , the company weed out incomplete data , if these companies included in the study sample will be affected findings. Of the remaining 189 , the ST weed out the companies that appear in its financial position , or unusual , or more than two years of consecutive losses . Then weed out companies gearing ratio is greater than 1 , these companies have been insolvent , there is a delisting may not reflect the normal level of indebtedness of the Company. Finally get data 174 samples of the company's annual financial report , and its SPSS multiple linear regression .

Experiment

In this paper, multiple linear regression method , in order to enhance the credibility of the results , the use of multiple linear regression method to eliminate independent variables selected independent variables X1, X3 and X4 has a significant relationship between the independent variable X2 is removed , the establishment fitted regression equation models were fitted to the established level of inspection, as shown in Table 1.

Conclusions and limitations

Conclusions

From the above experimental data , we can get what conclusions :
Asset-liability ratio has a significant impact on corporate performance , and there was a positive correlation between a consistent and assumptions. The GEM listed companies should be raised within a reasonable range of its asset-liability ratio , to play the financial effect of the light pole , reduce financing costs and improve corporate performance levels.

Since the variable X2 is excluded from the test , and the P value is greater than 0.05 , no significant test by assuming two not been confirmed. The reason may be due to the GEM market risk, high interest loans , financing difficulties, coupled with some of the emerging growth companies to raise funds through short-term financing is difficult to translate into profits in a short time , therefore , the rate of current liabilities the company's performance has little effect .

The company's long-term debt to capitalization ratio and a negative correlation between corporate performance and significantly correlated with the opposite assumption . The possible reason is that the increase in long-term debt to capitalization ratio will increase the burden on the company, affect its solvency , thereby affecting the company's performance .

 According to affect the capital structure of the proxy indicators of corporate performance , the company should be combined with their own situation , and adjust the company's capital structure , improve the company's performance level .

Limitations of the study

Data for this study were taken from CNINF GEM platform and Shenzhen stock exchanges of information disclosure in the annual report as well as GTA database GEM plate , because the market is just emerging markets , the government and its related organizations are not strictly regulated , its capital structure is not perfect , there are many deficiencies lead to information disclosure by listed companies , therefore, may affect the accuracy of this study .

In this paper, for reasons of data collection , select ROE (ROE) only as a proxy indicator of corporate performance , and factors that affect the company's performance , there are many , therefore , also affect the results to some extent.

In the model , the empirical research model used in this paper is a multiple linear regression model, the study involves only part of the company 's financial indicators , and for non-financial indicators corresponding study section is not , therefore, in terms of model has yet to be perfected.