As an emerging capital market, the growth enterprise market, different from the main board market, plays an important role in China’s security market. The growth enterprise market is designed to provide financing channels and growth space for small- and medium-sized enterprises, and high-tech enterprises that cannot be listed on the Main board Market. Therefore, the paper selects manufacturing listed companies in the growth enterprise market to study the relationship between capital structure and enterprise performance, hoping to find the most suitable financing strategies, promote their healthy development and provide suggestions on the development of growth enterprise market in China. 247 manufacturers listed in the growth enterprise market before December 31 are collected and their data of 2019 are taken as the sample to conduct an empirical study on the relationship between their capital structure and enterprise performance. Based on the comprehensive factor analysis and multiple linear regression analysis, it is revealed that the shareholding ratio of the top shareholder is positively correlated with enterprise growth and enterprise performance; the debt-asset ratio and enterprise performance show a significant negative correlation; the short-term debt ratio, the long-term debt ratio, the shareholding ratio of the first 10 shareholders and enterprise scale are not related to enterprise performance. Accordingly, the suggestions are made that companies should attach importance to the optimization of the capital structure and avoid the adverse impact of short-term debt by moderately increasing the ratio of long-term debt. As an effective supplement to the main board market, the growth enterprise market helps to increase the liquidity and efficiency of capital and solve the financing difficulties of small- and medium-sized enterprises.