An Study Of The Effects Of Debt Structure On The Growth Of Enterprises In China’s Manufacturing Listed Corporation

Manufacturing is the basic industry of the national economy, is the foundation and the lifeline of the national economic development, and its development will have a direct impact on the overall situation of our national economy. In the process of manufacturing development, the required funds is from the internal accumulation、 equity financing and debt financing, and whether to maintain a reasonable capital structure directly affects the enterprise’s development and growth opportunities. Therefore, manufacturing listed corporation should attach great importance to the optimization of capital structure. This paper takes the manufacturing listed corporation as the breakthrough point to research the effects on the debt structure to the growth of enterprise, not only has the reference value to choose the financing way of manufacturing listed corporation, but also contribute to the development and growth of manufacturing listed corporation.In this paper, taking China’s listed corporation in the manufacturing sector in2010-2012as the object of research, empirical analysis the impact of debt structure on the enterprise’s growth. Among them, to measure the growth of enterprises, first select10financial indicators that can reflect the growth of enterprise, and then adopt factor analysis to extract five common factors, finally, through the variance factor contribution rate to calculate the weighted average comprehensive index to measure the growth of enterprises; then from three dimensions of debt structure that is debt level, the debt maturity structure, debt source structure to regression analysis the enterprise growth comprehensive index. The empirical results show that:the overall level of debt and corporate growth is negatively correlated; debt maturity structure and corporate growth is negatively correlated; the business credit growth ratio in debt source structure and corporate growth is positive correlated, and the proportion of bank loans negatively correlated. Finally, on the basis of empirical conclusions, put forward to countermeasures to optimize debt financing structure in manufacturing listed corporation and improving enterprises’growth.