The Empirical Study On The Relationship Between The Debt Maturity Structure And The Corporation Performance Of Listed Companies In Electronics Manufacturing Industry

Debt financing is the main source of business capital, and it is important for financial decision making. With the process of debt financing, corporate faces the choices of debt structure including the choice of maturity structure, ownership structure, priority structure of debt. The choice of debt maturity structure is the most important one, particularly for debt financing decision. Based on the mature theory of the capital structure, foreigners have made the earlier study on the debt maturity structure than us. They have formed a relatively complete system not only in the theory but also in the empirical research. The study of debt maturity structure in China is lagged, not to mention the empirical research. Most of the studies are focused on the factors affecting debt maturity structure. At the same time series of problems appears as the result of China’s special economic system and the imbalance of the capital market development. For example, the proportion of the preference for equity financing and debt financing in China is very low, and the financing structure is not reasonable. Debt financing can not effectively improve the performance of a corporation, and it has made a negative impact.Under the above circumstances, this paper analyzes the relationship between debt maturity structure and corporate performance in the listed electronic manufacturing corporations. Then the importance of debt financing and debt structure will be aware, and the significance of improving the financing decision-making and performance will be understood.This paper is divided into five parts. The first chapter, the introduction part, mainly introduces the background, significance, framework, methods and innovative ideas of the research. The second part, the theoretical analysis part, mainly introduces the debt maturity structure theory and related concepts, which is laid the foundation for the later empirical study. The third part, analysis on the financing status of the listed electronic manufacturing corporations, is laid the groundwork for the following empirical analysis. The fourth part is the empirical study. The fifth part, analysis of the results, puts forward some countermeasures and suggestions on the basis of theories and research results.Taking the relevant data in electronic manufacturing industry from2010to2012as samples, the dissertation studies the relationship between debt maturity structure and corporate performance. It is concluded that there is a negative correlation between the asset ratio, debt maturity structure and the corporate performance in the listed corporation of the electronic manufacturing industry.