An Research On The Impact Of Corporate Debt Structure On Operating Performance

The debt structure reflects distribution of rights and obligations between creditor and debtor,if enterprises adopt different debt financing methods, The scope and way of exercising the right are very different for creditors,so different debt allocation will have different governance effects on enterprises,which will ultimately affect the decisions from managers and shareholders.In recent years,construction enterprises’ financing tends to the high debt and short-term debt,Through the research,scholars found it is closely related to the exposed problem happened among construction industry,such as the low profit,high costs and management credit loss,and so on.Therefore,how to adjust the current debt structure,make creditors give full play to the supervision and restraint of enterprises,solve the existing problems in debt structure and improve the performance of enterprises is a key.So far,the perspective on the impact of debt structure on corporate performance,mainly including that debt can promote the growth of performance,long-term debt ratio and performance show a certain curve relationship,Commercial credit can strengthen external supervision and is Conducive to enhance performance,but other scholars have come to the different conclusions based on different types of enterprises.This article select construction listed corporation as an research object,and then empirically analyze the relationship between debt structure and operating performance,the purpose is to find a real suitable debt financing decisions for construction enterprises,to explore how creditors constraint on managers and shareholders more comprehensively,to reduce the invalid management behavior caused by the conflict of interest,to ensure the sustainable development of construction enterprises, only in this way can make it continue to contribute to the construction of infrastructure in our country.Based on theoretical analysis,this paper firstly selects four indicators to represent the debt structure of construction enterprises,including asset liability ratio,long-term debt ratio,rate of bank loan and commercial credit rate,while selecting 12 indicators to reflect the profitability,operating capacity,solvency and development ability of construction enterprise.At this time,the factor analysis system was established,and the comprehensive factor was extracted by principal component analysis.Then,based on the setting of the above indexes,the linear regression relationship between the debt structure and the comprehensive performance is established,it breaks through simply study the influence of current liabilities structure on the current operating performance,also study the effect of debt structure on the next performance.Through the empirical results,we found that asset liability ratio has negative effect on current and next business performance;long term liabilities to promote current and next business performance has a positive effect;bank loans to current performance without significant effect,on the next performance has inhibitory effect;commercial credit will have no significant inhibition or promotion to the current and the next performance. Finally, according to the results obtained by models described above,put forward some rational ways of adjusting the current debt structure for construction enterprise,strengthening creditor supervision mechanism,so as to improve the operating performance of listed companies in building.