Empirical Study Of Listed Company Debt Structure

Debt financing is one of the main means of corporate financing, and the corporate liability situation is connected with the debt structure seriously. Regulating corporate debt structure is an important part of enterprise financial management. As domestic enterprise asset liability ratio increasing and the ever-changing of the liabilities structural characteristics, the study of debt structure can improve debt financing structure, optimize the debt management, improve the efficiency of funds and strengthen the supervision of the managers.On the basis of reviewing the main relevant theories about this study, the reason has been analyzed at first about the adopting of financing of debt. According to the data of financial market in resent years, resent situation of the domestic bond market was been studied. The research sample of general financial databases of listed companies obtained from the CCER (China Centre for Economic Research) is during from 2003 to 2006, involving 22 major industry sectors and more than 1,000 listed companies. The one-way analysis of variance and correlative analysis are been used in this process of empirical analysis to test whether the significantly impact really exists from the industry attribute to the debt structure. Test is been done to judge whether the significantly impact on the debt maturity structure and liabilities-type structure of the existence of the industry index is existed. The correlation between the net income and the debt ratio, between net assets margin and the debt ratio is also been tested.The significantly impact on the debt maturity structure or the liabilities-type of the existence of industry index is existed on the analysis of corporate financial data. The relation is not existed between net assets margin and liabilities ratio. But the relation is existed between net profit and liabilities ratio. The conclusion of this study is benefit for the theory study and practice.