Research On The Impact Of Debt Financing Structure For The SMEs To The Performance Of Companies

In recent years, the impact of debt financing structure on corporate performance attracted the attention of more and more scholars, a lot of empirical research indicate, the rapid development of China’s SMEs, the number of enterprises increased year by year, it promote the prosperity of our economy, increase employment opportunities, it is a huge role to promote healthy circulation market, but research of SME debt structure impact corporate performance is scarce. So this article base on intensity of competition and competitive strategies affect to study impact of SMEs debt structure on corporate performance.Empirical analysis as the main tool, on the basis of literature review, this paper introduces the theory of the debt financing structure which impact on business performance, and makes competitive strength and competitive strategy as a starting point, discusses the impact of SMEs debt financing structure to our business performance, combined with selected variables are used to explain the debt financing structure to propose four assumptions. In this paper, use EVIEWS and SPSS tools, by means of small and medium sized listed companies in Shenzhen 2011-2013 three-year study sample, empirical research the structure debt financing of small and medium sized listed companies impact on business performance. The empirical results show that:(1) short debt has a negative effect and long debt has negative impact on business performance.(2) bank loans has negative impact on business performance; business credit financing and other related parties have positive impact on business performance.(3) The intensity of competition is stronger, the positive impact of commercial credit rate to firm performance is weakened.(4) the company which use competitive strategy for differences than the cost strategy, the positive effect impact of commercial credit rate, other debt financing rate on the company’s performance is weakened.This paper studies the impact of SMEs debt financing structure to our business performance under different intensity of competition and competitive strategies, research perspective is very new, the author calculated the HHI value to research the competition intensity, and the use SPSS tool to classify competitive strategy, so results become more reliable and practical. Paper give some suggestions can help financing behavior of small and medium sized listed companies standard and enhance efficiency and effectiveness of company funds.