An Empiric Analysis Of The Correlativity Between Debt Structure And Enterprise Performance Based On Manufacturing Industry

Since the birth of MM theory, how to optimize the capital structure to improve the levelof corporate governance has become the focus of the study by scholars. According to MMtheory and the financial lever principle, can know, liabilities increase firm value is enhancedeffectively, but also can restrain managers reduce agency cost, ultimately to improveenterprise performance effect, a large number of domestic and international empirical datahave proved this point. However, scholars in the research of capital structure tend to researchon equity financing, debt financing and debt structure on the shortage of the research. Basedon the debt structure and company performance relation, debt structure is divided into debtmaturity structure and debt structure, respectively study option structure and tool structureimpact on corporate performance.Taking the listed companies of manufacturing data as samples, and make sure that theAccounting period are from the year of2008to2010.this paper make a discussion about therelations between the debt structure and corporate performance based on the theoreticalanalysis and empirical research. This paper consists of four chapters. The first chapter is theintroduction, mainly introduces the background, ideas, innovation and literature review. Thesecond chapter is the theoretical foundation, introduces MM theory, agency theory,information theory, the financial leverage theory and control theory. The third chapters ofChinese manufacturing listed companies’ debt structure are analyzed, and the debt structure ofthe cause to give instructions and explanations. The fourth chapter is the research hypothesisand empirical analysis, firstly on the basis of the literature review presented five hypothetical,selected variables and the main variables were analyzed by descriptive statistics andcorrelation analysis, the final model, substitution data regression analysis, have obtained suchresult: enterprise performance respectively and the rate of assets and liabilities, short assetliability ratio, bank loans and commercial credit negative correlation, and the conclusions aregiven and explained. The fifth chapter is mainly about the conclusion and suggestion,summarized the conclusions of this paper, and gives the policy suggestions, and the shortageof this study.