An Empirical Study On The Relationship Between Debt Structure And Corporate Performance

Debt structure is composed of the proportion of corporate debt funding sources and different between them. This structure reflects the relationship between the debtor and creditors,namely the interest relationship between shareholders by different debt structure on the company’s effective influence this has always been the company’s reasonable control,adjust the debt structure usually become effective means of corporate Governance in modern company’s shareholders,on the other hand,debt structure is reasonable and in relation to the company financing decision decision. Therefore,the performance of the company will have decisive influence on the debt structure.From 1980 to 1990,the capital structure theory researchers have already started to study the structure of the debt,they put the main research on the relationship between the term structure of the debt and the company performance.Domestic scholars mainly study the capital structure of the Domestic Company and the company performance relationship.The development of domestic capital market is less developed than that of European and American markets,and the financing ability is low, and debt financing is the main channel of financing for listing Corporation.Therefore, for this particular situation of Listed Companies in China,domestic scholars at present large,deep research on debt structure,so to improve the corporate governance,enhance the performance of listed companies has important significance.Before the decision to make debt financing, our listing Corporation is a priority of short-term debt financing.This phenomenon generally appears in recent some of China’s high-speed growth of listed companies,especially with the central bank last year rate cut quasi and foreign currency quantitative easing policy implementation, the choice of some short-term debt financing of listed companies has become a primary consideration when making financing decisions,short melting gradually become the financing "new favorite". Also with the improvement of the capital market,the sources of debt financing diversified development,to the financing of the capital market of our country to bring a new round of innovation mode of and domestic listed firms tend to seek financing needs in the bank and commercial credit in two ways.Therefore,from the above indications,the structure of debt financing is the structure of the future research of the listing Corporation’s main financing research direction.According to the standards,the debt structure can be classified as term structure, type structure,priority structure, layout structure,etc.For the company,make up decision is to determine the origin and term of debt,so that the type and term of the debt is very important, at this stage of the domestic capital market is not mature,the debt structure of the listing Corporation and has the special situation,such as capital structure,China’s listing Corporation in different industries and corporate governance factors the different structure,therefore,need a large number of in-depth study,debt structure and corporate performance relationship, at the same time,the control index of research is relatively easy,and the research result is scientific and reliable,so the listing Corporation of debt structure is easy to control,more objective,therefore,this paper chooses listed in A stock market companies as the sample of study.The debt maturity structure will affect the company’s financing costs,financial risks,and even affect the company’s operating status and profitability in a way.Due to the different of different growth stages of the company for debt financing needs,such as growth phase of the project construction period is long,cash flow needs,debt stress, which are more likely to long-term debt financing,debt maturity choice is the main factors to restrict its healthy development.Therefore,the research on the impact of the academic circle on the corporate performance of the debt maturity structure can be widely used,and the research on the structure of the debt is also the aforementioned reason. Also existing at the present stage,most of the literature on debt structure of theoretical analysis and empirical analysis mainly focuses on the theory of debt maturity structure and debt structure analysis,in the debt priority structure and debt placement structure of literature and data less and less,is the lack of relevant theoretical research.Therefore,this study will explore the relationship between the debt structure and corporate performance from two aspects of the debt maturity structure and the type structure.This paper is divided into three parts:The first part,theoretical part.Search literature research for the relationship between debt structure and corporate performance of domestic and foreign scholars, collation and collection, and then introduces the related concepts,clearly explains the "debt structure" theory,corporate performance theory and their respective standards, also from the agency cost,signal transduction, tax and other point of view to explain the impact of the debt structure on corporate performance.Finally,on the basis of the above theory.Analysis of different debt maturity due to the different roles of the value of the company and from the point of view of debt type structure analysis of the dynamic process of corporate performance,is proposed and subsequently used to empirically test the hypothesis.The second part is the empirical part.With the first plate is closely linked,with SPSS,the establishment of the two assumptions of the linear regression model.In this paper,the empirical data analysis,determine whether to establish the hypothesis proposed in this paper.The test result is feasible.In the end,this paper is to ensure the results of the reliability and objectivity, the use of theory to the conclusion of rigorous.The third part is the conclusion.Summarize the empirical results,and put forward some relevant policy on the basis of the empirical results,put forward beneficial to China’s debt structure of listed companies the healthy development of advice,and to adjust the debt structure to provide advice.The analysis shows that the debt structure of the two factors on corporate performance influence and role and produce favorable interval,and this discovery to find the corresponding countermeasures.The research results of research field of the debt structure and corporate performance relationship have positive effects,in order to provide theoretical basis for the follow-up study.