Under The Financial Crisis Of Our Country Enterprise Financing Structure And Study On The Relationship Between The Output Fluctuations

Because of the outbreak of the financial crisis frequently, and the enormousdamage on the real economy, questions of financial crisis and financial stabilityhas became a hot spot in the field of economic and financial studies in recentyears and in the future. To discuss differences in the financing structure and debtstructure on corporate investment and output from the micro perspective of thefinancing behavior and financing structure (especially，Liability structure) ofenterprises, in the face of external shocks or financial crisis conditions, in thispaper, we use the latest research results of the corporate finance theory and thetheory of financial crisis. In theoretical research and analysis, we learn from andextend the model of Bernanke&Gertler, focus on analysis of debt structure inthe face of the negative impact of the financial crisis, debt financing and theformation of the impact on business inputs and outputs. Using of975China’slisted companies’ data from2006to2010, we examines the impact ofcompanies’ different financial structure（especially the debt structure） on theiroutput during the financial crisis by empirical study. The results show: lowercorporate net worth and poor corporate balance sheets, in the face of financialcrisis, the negative impact of its inputs and outputs are greater than the higherones. At the view of the corporate debt structure, due to higher financing costs,the enterprise with a higher proportion of bank loans, in times of crisis, thedecline of their inputs and outputs are more than a corporate with a higher bondfinancing business. Weakened balance sheets resulting from bad times lowerinvestment demand, which in turn tends to amplify the downturn.