Research On The Impact Of Corporate Performance Debt Financing Structure On Corporate Performance By Xi’an High-tech SMEs

Promotion of SME development is to maintain the national economy, the level of stable and rapid development of national science and technology an important basis for the livelihood and social stability is a major strategic task. As of the end of2010, the National SME total over160,000,8.8%higher than2009. Xi’an High-tech SMEs to grow and develop the performance of the more obvious, Xi’an Hi-tech Development Zone (hereinafter referred to as High-tech Zone) has more than8,000technology companies, the region’s technology enterprises operating income260.26billion yuan, accounting for83.05of total revenue the park%. At the same time, the process of technological development of SMEs and the challenges facing many bottlenecks. The most important question on the performance of financing. Therefore, by optimizing the structure of debt financing to improve the performance of companies in Xi’an High-tech SMEs, research and solve for the financing of Xi’an High-tech SMEs has important theoretical and practical significance.Western Capital structure theory suggests that debt financing is not only able to play the role of financial leverage and tax shield effect and improve the company’s operating performance, but also in monitoring and management incentives, reduce agency costs, reduce information asymmetry, optimize the configuration control of the company to play a effect, thereby enhancing the company’s operating performance. This paper describes the first part of the background and necessity of research questions, and briefly describes the status of research abroad. The second part describes the theoretical basis of relevant, including debt financing structure and defines the concept of corporate performance and the MM theory, balance theory. The third part of the Xi’an High-tech SMEs through the development of debt finance to analyze the situation, Xi’an High-tech SMEs to explore and summarize the characteristics of debt financing and debt financing structure of the deficiencies. In the fourth part, which is part of empirical research, through the High-tech Zone in Xi’an High-tech SMEs in the field questionnaire to obtain first-hand information, make assumptions, model building, and research data for factor analysis and multiple linear regression analysis, conclusion:Corporate debt overall structure, debt maturity structure of corporate profitability conditions affect was significantly positively related to corporate debt overall structure, debt maturity structure of corporate viability conditions affect was significantly negatively related to corporate debt overall structure, debt maturity structure and debt layout structure of the impact of corporate debt risk profile was significantly negatively correlated, the overall structure of corporate debt, the debt structure of the layout of the impact of state enterprise development capacity was significantly correlated. Part V gives the article in Xi’an High-tech SMEs to strengthen the debt financing structure impact on business performance measures and proposals for governance, in order to Xi’an High-tech SMEs on debt financing decisions provide a reference and help.