Empirical Research On Factors Influencing The Debt Financing Scale In Chinese Listed Company

At present, there is much research about Debt financing scale in the financial theoretical field. Capital market in China is still imperfect, and there are many complex influence factors of debt financing scale. But the current researches of these factors are not comprehensive enough. They are mainly focused on single element or only analyze the enterprises'financial indexes excluding the capital market. So, the purpose of this paper is:combining the enterprises'financial indexes with the capital market, analyzing and verifying the influence factors of debt financing scale using the empirical model. Then, standardizing the behavior of debt financing in the listed companies through regulating these factors.In the process of empirical research, this paper analyses the relevance between Cash Flow from operating activities, Tobin's Q, Size, ROE, Growth Rate, P/E and Debt Ratio. The result is that the main influence factors of debt financing are Growth Rate, ROE and Cash Flow from operating activities. It shows:The listed companies pay more attention to short growth and the ability of earning, rather than long term growth. According to the analysis, the suggestions of optimizing debt financing in the listed companies are presented.