Research On The Relationship Between Listed Companies Debt Structure And Firm Value

The world economy is experiencing a trend towards diversification of rapid development,more and more listed companies pay close attention to the problem of optimal financingdecision. Recently, Chinese and foreign scholars have got fruitful results and made greatcontributions to the theoretical research in this field. But the phenomenon of heavy stock lightdebt is relatively serious in Chinese listed companies. Scholars in choosing a research on theperspective of corporate debt are very similar, which led to the study of debt structure was notenough depth and comprehensive, and got inconsistent conclusions in the research about therelation between debt structure and firm value in China. In view of this, the debt is formedaccording to the manifestations classification from a new perspective in the paper, researchingthe relation between debt maturity structure, layout structure, priority structure and firm value.In order to explore different forms of debt on the influence of firm value in theory andpractical, achieve optimal corporate debt structure to provide an important theoretical andpractical guiding significance.This paper selects Shanghai and Shenzhen A-share listed from2010-2012as a sample,mainly combines normative analysis with empirical analysis, and uses statistical analysis,correlation analysis, multiple linear regression analysis and robustness test to study. Firstly, thepaper looks back the existing results at home and abroad from the relationship between debtstructure and firm value. Secondly, the concept of debt structure is defined, and analyzes thedifferent forms of debt on the influence of firm value in theory. Finally, the paper puts forwardthe assumptions about debt structure and firm value based on theoretical analysis and theywould be confirmed through empirical research. In the process of empirical research, thispaper uses the method of stepwise regression in the multiple linear regression analysis toanalyze each variable on the influence of firm value in debt maturity structure, layout structureand priority structure.The results of the research show that debt maturity is short and gap is large in Chineselisted companies, among the proportion of short-term loans up to90%and the proportion oflong-term loans of less than10%. On the debt layout structure, bank loans are the main sourceof debt financing of listed companies in China, while the ratio of corporate bonds are grossly inadequate. On the debt priority structure, the first priority repayment of quality secured loansratio is the least, the second priority repayment of guaranteed loans ratio is centered and thelowest repayment of credit loans ratio is the highest. The empirical study shows thatLong-term debt and short-term debt are significantly positively correlated with firm value indebt maturity structure of Chinese listed companies. Public debt and private debt aresignificantly negatively correlated with firm value in debt layout structure. Quality securedloans, guaranteed loans and credit loans are significantly positively correlated with firm valuein debt priority structure.