Debt Maturity Structure,Inventory Turnover And Concentration Of Upstream-downstream

The downward pressure on manufacturing industry in China is very big,although positive policies of manufacturing industry are always published in recent years.The signing of strategic cooperation framework with Germany illustrates further that manufacturing industry needs to seek new developing directions.Debt is the financing source of most manufacturing enterprises.And debt maturity structures are different for manufacturing enterprises of different developing levels.The inventory status and upstream-downstream of manufacturing enterprises are related to them closely.However,most existing papers just research one aspect of debt maturity structure,inventory and upstream-downstream enterprises,not the relationship of them.Based on previous researches,this paper tries to explore and analyze the relationship of debt maturity structures,inventory turnover and concentration of upstream-downstream mostly mainly using structural equation model with listed companies of manufacturing sector in China from 2010 to 2014.Hoping to provide some reference for the development of manufacturing industry.Firstly,this paper combs the researches about debt maturity structure,inventory turnover,concentration of upstream-downstream.Then,it describes the basic theoretical knowledge about debt maturity structure.It puts forward research hypotheses on the base of theoretical analysis.And it collects data for empirical analysis.In the empirical analysis,it processes data using the methods of factor analysis,correlation analysis,and so on,creates structural equation model,and modifies the model,creates the model again with high inventory turnover,high concentration of vendors,high concentration of customers samples,contrasts the results before and after changing samples.Finally,it creates the model of Panel estimate generalized least squares with the same samples,and then makes a comparative analysis with structural equation model.This paper finds that inventory turnover of manufacturing enterprises has positive effect on debt maturity structure when other factors are constant;there are effects of nonlinear and non-monotone between debt maturity structure and concentration of upstream-downstream with threshold point;inventory turnover has the effect of nonlinear and non-monotone on concentration of vendors with threshold point;when inventory turnover is high,debt maturity structure impacts inventory turnover indirectly,concentration of vendors impacts inventory turnover negatively;when concentration of upstream-downstream is high,the extent of the effect between debt maturity structure and them will change,and they will impacts inventory turnover negatively.