Research On The Relationship Between Debt Financing And Corporate Performance Of Non-state Holding Listed Companies

Enterprise capital structure not only affects capital cost, but also the structure of corporate governance and motivate mechanism, which further affects corporate operational performance. Nowadays, the financing and refinancing behavior of listed company have obvious equity financing preference. The asset-liability ratio of listed company in our country is about 50%, which shows that debt financing has become an important fund source of listed company. However, there is little study on the relationship between debt financing and firm performance, especially for Non-state holding listed companies.According to above analysis, this paper studies the relationship between debt financing and firm performance of Non-state holding listed companies based on the combination of empirical research and theoretical analysis. The first two chapters are theoretical analysis, mainly introducing research background and significance, summarizing relative research work of scholars at home and abroad based on literature review, using relevant theory to analyze the positive and negative effects of debt financing to firm performance. The third chapter is analysis of research status. The quantitative analyses about debt financing, corporate performance and the relationship between them are carried out. The fourth chapter is empirical analysis. Put forward the hypothesis to establish multiple regression model for empirical analysis about the relationship between debt financing and corporate performance of Non-state holding listed companies. In the process of empirical analysis, first of all, the Non-state holding listed companies are divided into three categories according to the effect of liability utilization, and then to validate the relationship between debt financing and corporate performance from two aspects of the overall level of debt and debt source structure. The results show that different sources of debt have different influences on corporate performance. The fifth chapter is relative advice. Some policies and suggestions are given to further improve corporate performance based on the results of empirical analysis and the status of Non-state holding listed companies. The sixth chapter is conclusion. Conclude the whole text and propose the limitations and the existing deficiencies.