Study On Correlation Between Debts Financing Structure And Companies' Performance

China is a traditional and agricultural country, agricultural modernization anddevelopment has been closely watched by all. Because of financial crisis, a large number of migrant workers return the hometown and their income has met with great challenges; In this context, development of modern agriculture has become an important topic for create employment opportunities for workers to increase their income. Agricultural listed companies play an important role in promoting the development of China's agricultural modernization process.Performance is the most important for their development. It is affected by lots of factors. In china, agricultural listed companies has long been plagued by lack of funds and because agricultural sector is vulnerable in china, for a long time, they can't get enough funds in the stock market and they have to get funds which they need in the process of operation by debt financing. A fundamental purpose of debt financing is to enhance performance of enterprise and ultimately to obtain greater profits. For us, it is necessary to study correlation between performance and different structure of debt.The paper has seven parts. in the first part, the author writes the background,significance,the technical line and detailed planning on study and so on; in the second part, the author reviews the important theories and results on evidence research published by domestic and foreign scholars, and evaluates to relevant literature; in the third part, the author gives introduces the agricultural listed companies, including: distribution of listed companies, size in asset, conditions in operating, etc.; in the fourth part ,the author writes the design of study, including:: assumptions of study,rating system of performance, structure of debt financing, establishment of research models , standards and processes of selecting the data, which laid a solid foundation for following empirical research; in the fifth part, the author carries out empirical studies by factor analysis model to get to the performance of the various samples, and finally carries out the analysis of the relevance between the performance and different structure of debt financing; in the sixth part ,the author analysis the conclusions of empirical study; in the seventh parts ,the author gives some advice on the base of empirical findings.Based on analysis of 35 agricultural listed companies ,the article have finally drawn the following conclusion: (1) Asset-liability ratio is negatively correlated with corporate performance; (2) Short-term debt ratio is negatively correlated with corporate performance and long-term debt ratio is negatively correlated with corporate performance; (3)Commercial credit and corporate performance are positively related, The rate of bank borrowings rate is negatively correlated with corporate performance; (4)Non-interest bearing liabilities and corporate performance are positively related, Interest-bearing liabilities and corporate performance are negatively related...