Research On The Relationship Between Debt Structure And Firm Value

Recently years, the status of manufacturing industry in our national economy is becoming increasingly prominent, so the development of manufacturing level is relates to the lasting competition level of our country’s economy. However, at present, the development of Chinese manufacturing industry’s level is still low, and the development process of unsustainable phenomenon is highlighted. According to this phenomenon, we should delve into different affects about different ways of debt financing on manufacturing listed company values.On this occasion, the perspective of debt financing structure can help us to optimize manufacturing listed companies debt financing channels, improve the level of manufacturing industry listed company value, and realize that the development of the manufacturing listed companies are becoming everlasting and health in order to provide theoretical basis and policy support.Firstly, this paper starts from the perspective of both at home and abroad, then is divided the researching literature into three aspects:the debt structure, the debt maturity structure and the relationship between the debt structure and corporate value. Secondly,this article defines the related concepts and theory, and analyzes the status current situation of the debt maturity structure and debt instruments structure,on the basis of manufacturing listed companies in our country. Thirdly, we can build correlation model between debt structure and corporate value, use the a-share manufacturing listed companies from2007to2013data and the fixed effects regression method (FE) and ordinary least squares (OLS) respectively for inspection hypothesis. Lastly, we can summarize the conclusion and related policy suggestions research.Form this paper, we can draw the following research conclusions: first of all, in our manufacturing listed companies, debt financing cannot gain good governance effect, with the increase of debt ratio, the value of the company decreasing. Secondly, the short-term debt can significantly promote the value of the company increasing, while long-term liabilities are unable to achieve this effect. Finally, the bank loan cannot ascend to promote the value of the company, and the commercial credit is able to play the effect of the value of the company. The robustness test proves that this conclusion has stronger robustness.At last, by this paper research conclusion, we can put forward the corresponding policy recommendations in order to improve the ratio of short-term debt, further deepen the reform of mechanism of system of commercial Banks, establish and improve the commercial credit financing system, improve the corporate governance mechanism etc.