This paper takes 36 companies as sample which are first listed in growth enterprise market, using panel threshold regression to verify the relationship between capital structure and corporate performance. After considering dividends, scale growth, investment diversification, managerial ownership and other factors, the empirical result is consistent with the trade-off theory, that is, there exists optimal capital structure according to listing companies in GEM market. The relationship between capital structure and corporate performance is nonlinear, when liability ratio is below 0.1769, increase the liability ratio can improve corporate performance, and when liability ratio is above 0.1769, increases the liability ratio can reduce corporate performance. As a result, GEM companies should use financial leverage appropriately, in order to realize the goal of corporate value maximization.

Because of full liquidity of financial resources, financial industry cluster has emerged and developed. In China, Shanghai1, Beijing, Shenzhen and other cities assemble plenty of financial resources and financial institutions, promoting economy development. This paper takes 40 cities as sample, uses factor analysis to measure the degree of financial industry cluster in big and medium cities. The result is that: Shanghai and Beijing are national financial centers, Shenzhen, Guangzhou, Tianjin, and other cities are regional financial centers, Ningbo, Xian and other cities have not formed financial cluster.