Empirical Study On The Impact Of Listed Corporation's Debt Structure To Corporate Performance

Since Modigliani and Miller proposed the famous MM theory in 1958, literatures on capital structure has been mounted, and studies on it has been more and more detailed, some scholars moved to the influencing factors of debt structure and its economic consequences. However, literatures on influencing factors are more than on economic consequences, while normative analysis is more than positive analysis. Studies on debt structure are focused on certain aspects, such as the maturity structure of debts. And as the indexes and data scholars used are different, the conclusions are diversified. This paper starts with the Contingent Governance effect, the tax shelter effect and the signal communication effect of debts integrating with literatures before and the reality, expounds short debt is effective to prevent over investments and under investments of the management, as well as to decrease the information asymmetry and to deliver growth signal; While long debts is effective to make the management under control, prevent ineffective expansion and lower capital cost. Then the paper chooses data of listed companies in manufacturing industry between 2007 and 2009 to commit the positive analysis in 3 degrees, that is, to verify how total debts, the maturity structure and the placement structure of debts effect on corporate performance respectively, analyzes the results of positive analysis, and then proposed some recommendations related to our system background and the characteristics of corporate financing.The paper concludes that, total debts and the placement structure of debts are positively related to corporate performance, while maturity structure of debts is negatively related to corporate performance, and all of these are result from the imperfect long debt market, imperfection of related legal and credit systems, over obstruction of governments, and disequilibrium of maturity structure of debts and financing structure.With regard to these, we should spare no effort to develop bond market so as to broaden financing channels, arrange financing rationally so as to rationalize the debt structure of corporate, establish and perfect legal and credit systems so as to construct a favorable financing circumstances; reduce governmental interference so as to advance the marketlization of financing; increase income and decrease expenditures, promote corporate governance, raise efficiency and effects of funding used so as to realize the optimization of resources and to promote the performance of corporate.The main new idea of this paper is systematically study how various aspects of debts effect on corporate performance with the most up-to-date data, so it's meaningful and worth to be referred at the 20st birthday of capital market.