The Empirical Study On Debt Structure And Corporate Performance

In financial theory, the study of corporate capital structure has been very popular, especially since the1970s, as the introduction of the agency cost, information asymmetry theory, the theory of capital structure research has a wider field. It not only affects the enterprise financial goals, financing, financing costs, but also affects the corporate governance structure and incentive structure. China’s capital market is maturing, especially the stock market, highly attention in economic development. However, as an important part of the capital structure of debt financing, is "short legs" of the capital market in our country, obviously lagging behind the equity financing. The sluggish development of corporate debt financing problems not only against their own financing channels to broaden and sustained and healthy development of the enterprises in our country, and influences and restricts the macro financial financing system and the operation of the capital market. Therefore, the research on debt financing for perfecting the corporate governance structure, is of great significance to improve corporate performance.At present, the proportion of debt financing in our country is lower than the proportion of equity financing is obvious, in contrast to the western developed countries, and in the optimal financing order, debt financing should also be optimal. Theory researchers in our country to foreign classical theory of capital structure in China is effective to analyze a large number of, different scholars have different conclusions and answers.In this paper, on the basis of the research results of scholars at home and abroad, to China’s manufacturing listed companies as the research object, focuses on the theory of capital structure of debt financing, analyzes the correlation between debt financing and corporate performance, trying to on the basis of the theory, through the theoretical analysis and empirical methods, to a more scientific description, to reveal the mechanism of action of debt financing on corporate performance, to reflect China’s listed companies in terms of the possible problems, to enhance corporate governance and corporate performance in China as a reference.Debt is an important source of funds, no enterprise can only rely on their own without the debt capital can meet the demand of its own funds. When companies decide to use debt into capital, have to from the amount of debt and debt maturity structure and debt sources of these three aspects at the same time to choose.This paper chose the a-share manufacturing listed companies in China in2010-2013data points has carried on the empirical research on three levels, namely, respectively examined our country manufacturing industry overall level of debt, the debt maturity structure of listed companies, the arrangement of the debt structure influence on the company’s performance, are analyzed, the results of the empirical and on the basis of combining with the characteristics of system of our country’s background and corporate finance related policy Suggestions are put forward.The main conclusion is that the overall level of debt of China’s listed companies and corporate performance is negatively related to short-term debt is negatively correlated with corporate performance, the bank loan amount is significantly negative correlation with corporate performance, commercial credit loan positive correlation with corporate performance, corporate bond is negatively related to the enterprise performance, but weak negative relationship. The cause of this result is mainly long-term debt market development in our country is not perfect, the relevant legal system and credit system is not sound, the government too much interference in corporate finance, corporate finance unbalanced source of funding, debt maturity structure imbalance.