Research On The Relationship Between Debt Maturity Structure And Growth Of Innovative Listed Companies

With the deepening of the world’s economy and information technology, improve the innovation ability of the enterprises, actively develop innovative enterprises with regional characteristics has become the indispensable power for enhancing the national enterprises’ competitiveness, adjusting the economic structure, the industrial upgrading, raising the level of national science and technology. Funds is the blood of companies, and the debt funds is the important component of the blood, the debt maturity structure reasonable or not directly related to the company’s sustainable development. The development of innovative enterprises have attract many scholars to pay attention on it during the recently years, but also the stakeholders concerned. How to measure its growth not only relate to enterprises’ own development, but also relate to the efforts of the outcome of the national innovation enterprise’s building. Therefore, establish the innovative enterprises growth evaluation model and research the relationship between its debt maturity have a great significance.In this part, take China’s innovative listed companies in 2012-2014 as the object of research. From 11 factors in four aspect of financial solvency, ability to develop innovative enterprises etc. to build the evaluation index system growth. Through factor analysis extracted four main components, and then find the business growth of integrated indicators G. Debt level, debt maturity structure, short-term debt source structure as the independent variables, G as the dependent variable, taking the scale of enterprises, the actual income tax rate, profitability this 3 affect the growth’s factors into account, research the relationship of the innovative listed companies between the debt maturity structure and growth.The empirical results show that both of the innovative listed companies’ debt levels and debt maturity structure have a negative impact on their growth, short-term borrowings have binding effect on its growth, short-term commercial credit promote to their growth. According to the empirical analysis and conclusions, in this part,three recommendations are put forward to enhance the growth of the innovative enterprises: Appropriate to improve the debt maturity situation of the innovative enterprises, improve the innovative enterprises’ debt sources structure, improve the he company’s awareness of debt maturity structure consciousness.