| Capital structure is the basis of corporate governance, and debt financing is an important component of it. So to research on debt financing has a great significance for improving the performance of the company.As a very important industry in the national economy, textile industry’s health development is the crucial guarantee of social progress and economic growth.For the purpose of doing some research in the field of debt financing,the author takes the listed textile corporations in China as the main research obj ects,and tries to make an theoretical and empirical study of the interactive relation between debt financing and corporate performance, furthermore, we hope to provide some research results and suggestions to complement the present research.Besides,the paper also provides some support for the financing structure optimization, develops the corporate bond market and diversifies the financing channels of textile industry in China.This article introduces the theory of capital structure,and then combined with my years2008,2009,2010financial data of listed companies to carry out empirical analysis.Through empirical analysis, received conclusions that China’s listed textile companies’ asset/liabilities ratio is positively related to performance ration, long-term liabilities ratio is positively related to performance ratio, short-term liabilities ratio is positively related to performance ratio, bank loan ratio is negatively related to performance, and the relationship is strong.Finally,in the theoretical analysis and empirical research, based on the combination of the specificity of China’s ownership structure,it is proposed to strengthen governance effects of debt financing, it is necessary to vigorously develop China’s bond market, to strengthen the legal protection of creditors,further improve the China’s hosting the banking system,improve the information disclosure mechanism to reduce the degree of information asymmetry. |
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