Heterogenous Debt Financing Governance,Risk Taking An Enterprise Growth

Debt financing,as the main way for enterprises to raise funds,plays an important role in the management of enterprises.The difference in property rights and the debt financing of enterprises under the financial ecological environment affect their own risk-taking ability,which will seriously affect the growth of enterprises.Through combing and summarizing the literatures on heterogeneous debt financing,enterprise growth,risk-taking and financial eco-environment,this paper finds that most research on corporate finance and corporate growth focuses on equity financing and corporate growth.There are few discussions on debt financing and corporate growth,and there is little research on the relationship between debt financing and corporate growth from the perspective of debt source heterogeneity and term heterogeneity.At the same time,the research on the transmission mechanism of risk-bearing in the relationship between heterogeneous debt financing and corporate growth and the financial ecological environment as the external environment on the adjustment effect of heterogeneous debt financing,risk-bearing and corporate growth are even more blank.This paper takes this as an entry point.Under the realistic background of China's debt financing structure and the existence of property rights discrimination,the need to strengthen the risk-taking ability and the lack of growth ability of the enterprise,this paper examines the heterogeneous debt financing under the conditions of property rights differences and different financial ecological environment.The relationship between risk-taking and corporate growth has certain theoretical and practical significance for helping enterprises to get out of financing difficulties,ensure the healthy growth of enterprises,promote industrial restructuring,and deepen financial system reform.The paper selects the sample data of all A-share listings from 2008 to 2017,and uses the methods of literature analysis and induction,deductive reasoning and empirical research to use OLS regression,multi-level regression,mediation test,and non-balanced panel data.The methods of regulation and inspection explored the impact of heterogeneous debt financing governance on corporate growth,the intermediary role of risk-bearing in the relationship between heterogeneous debt financing and corporate growth,and the financial ecological environment in heterogeneous debt financing and growth relations.Regulatory effect.The main research contents are as follows:Part one adopts the literature analysis method,the research on enterprise growth measurement is summarized,summarized and analyzed,and representative references are selected to identify the external influence factors and internal influence factors that affect the growth of the enterprise,and according to the competitiveness of the enterprise.Factor and enterprise growth potential factors divide the dimension of enterprise growth.Through index screening,factor analysis method is used to construct the enterprise growth measurement index system and measure the growth of sample enterprises.Part two takes the free cash flow and control rights of enterprises as the starting point,combining principal-agent theory,signaling theory,control theory and debt maturity structure theory,this paper studies the relationship between debt financing governance effect and enterprise growth.The relationship between heterogeneous debt financing and firm growth of all sample enterprises,state-owned enterprises and non-state-owned enterprises is studied,it also compares the impact on corporate debt financing governance under different conditions of debt maturity heterogeneity,source heterogeneity and corporate ownership.The research finds that the positive correlation between financial debt financing and operational debt financing and enterprise growth is more significant;the governance effect of long-term financial debt financing is better than short-term financial debt financing;the governance effect of non-state-owned enterprises' financial debt financing,operational debt financing,long-term financial debt financing and short-term financial debt financing are generally better than that of state-owned enterprises.Part three takes the intermediary effect of risk taking as the entry point to study the transmission mechanism of heterogeneous debt financing and corporate growth.Firstly,this paper explores the transmission mechanism of risk-bearing in debt financing and corporate growth relationship by combining asset substitution effect and financial crisis effect.Secondly,it discusses whether the risk-bearing role of the debt financing and the growth of the source heterogeneity plays a mediating role,and whether the risk-bearing of the maturity debt financing and the growth of the enterprise plays a mediating role.Finally,according to the nature of enterprise ownership,the mediation effect of risk-bearing in the relationship between heterogeneous debt financing and enterprise growth of state-owned enterprises and non-state-owned enterprises is tested.The study finds that risk-taking plays a mediating role in the relationship between debt financing and corporate growth;risk-taking plays a mediating role in the relationship between financial debt financing,operating debt financing and corporate growth,but financial debt financing and corporate growth The mediating effect in sexual relations is more significant than the mediating effect in business debt financing;risk taking plays a mediating effect in the relationship between long-term financial debt financing and corporate growth,while in short-term financial debt financing and corporate growth There is no intermediary role in the relationship;the non-state-owned enterprises'overall debt financing,financial debt financing and long-term debt financing and the medium-risk commitment of corporate growth play an intermediary role;the long-term debt financing of state-owned enterprises and the growth of enterprises Risk bearing in the relationship plays a mediating role,but the mediating effect in the relationship between long-term debt financing and corporate growth of non-state-owned enterprises is weak.Part four uses the financial ecological environment as the external environmental variables of the enterprise to study the relationship between heterogeneous debt financing and corporate growth under the interaction of financial ecological environment and risk-taking.First,examine whether the regulatory role of the financial ecological environment in debt financing and corporate growth exists.Secondly,use a regulated intermediary model to study the relationship between debt financing and corporate growth under the interaction of financial ecological environment and risk-taking.Finally,the relationship between long-term financial debt financing and corporate growth of state-owned enterprises and non-state-owned enterprises under the interaction of financial ecological environment and risk-taking is studied.The study found that the relationship between debt financing,financial debt financing,long-term financial debt financing and corporate growth has a regulatory mediating effect under the interaction of financial ecological environment and risk-taking.However,according to the nature of enterprise ownership,the research on the relationship between long-term financial debt financing and corporate growth under the interaction of financial ecological environment and risk-taking of state-owned enterprises and non-state-owned enterprises found that the intermediary effect of risk-bearing of financial ecological environment adjustment is only in non-In the relationship between long-term financial debt financing and corporate growth of state-owned enterprises,the regulatory effect of financial ecological environment on long-term financial debt financing and corporate growth of state-owned enterprises is not significant.In the end of the reasearh summarizes the results of the full-text theoretical analysis and empirical test.Based on the problems related to heterogeneous debt financing and enterprise growth found in the paper,specific policy recommendations are proposed to provide a feasible solution for expanding China's debt financing governance effect and optimizing the financial ecological environment:deepening financial system reform and reducing government's financial Credit intervention,strengthen the construction of financial ecological environment;rely on Internet big data,improve the construction of corporate public services,build a social credit system;improve the relationship between banks and enterprises,and help private enterprises and enterprises develop.Finally,the policy recommendations are used as the end point of this paper,and the limitations of this paper are explained,and the future follow-up research is prospected.