Research On Debt Financing Problems Of Textile Listed Companies In China

Debt financing is an important financing approach of modern corporations. Listed companies should attach importance to the debt financing, bring the debt financing into play positive effect and realize the maximization value of listed companies. Under the background which the capital market is unceasingly perfecting and the equity financing meats frustrates, this dissertation take the textile industry as the example, and investigates the debt financing issue so as to provide some theoretical help for optimizing their debt financial structure,normalizing their debt financial behavior and improving their company governance level. The content of the dissertation is arranged follows:In the first part, the object of the dissertation and the background of the studying are described. This part gives the research ideas of this dissertation, and also makes an introduction of related studies as to debt financing made previously. In the second part, the theoretical foundation of debt financing, which mainly includes the concept of debt financing,debt term structure,financial leverage and the means of debt financing are discussed. Thereafter, the dissertation makes a brief comment on these approaches. The third part chiefly analyzes the status of debt financing such as the financial leverage,debt term structure and the means of debt financing, and reveals the causes of these issues. In this part, by analyzing the status of financial leverage, find the financial leverage is not reasonable. The amount of corporations whose financial leverage coefficients locate in the safe area is falling. And most corporations' financial leverage can't play positive effect. The fourth part is about the establishment and application of the model of debt financing structure. This model is established in the basis of the ability to repay. Last part is named the countermeasure of optimizing listed companies' debt financing structure. By analyzing the exterior conditions and interior governance of listed companies, this part put forward some suggestions on how to optimize the debt financing structure.The debt term structure is the core part of this dissertation. This article conducts a positive study of the debt term structure. The conclusion of the research partly provides an experience support for western debt term structure theories. This dissertation think this conclusion is related to the status quo of corporate governance,the relationship between commercial banks and listed companies and the undeveloped bonds market, and also find that the substitution of equity financing and short term debt financing for the long term debt financing leads to a lower level of long term debt financing in listed companies debt financing structure And this article also sets up a model of debt financing structure, this model is established in the basis of the ability to repay, and this model can be applied in listed companies and has a considerable effect.