Analysis Of The Relationship Between Debt Financing And Financial Performance On The Prospective Of Retail And Wholesale Industry Under The Enterprise Life Cycle

The concept of the enterprise life cycle began in bionics,and more and more scholars have begun to focus on its application in financial management.Although many scholars abroad have made more contributions in this area,the scope of application in China is not wide enough.Paper to wholesale and retail listed companies as the research object,with enterprise life cycle theory,MM theory as the theoretical basis,using literature research,the research method of combining empirical analysis to the enterprise life cycle perspective of debt financing to study the impact on financial performance.First,select 95 wholesale and retail of listed companies,and then USES the growth rate of classification to wholesale and retail life cycle is divided into:growth 24 27,mature period,decline phase 44.Second,select the dependent variable:the total return on assets,the independent variable:asset-liability ratio,short-term debt ratio and long-term asset-liability ratio,control variables: the logarithm of total assets,total assets growth rate,total assets cash recovery rate,and with the help of SPSS software,wholesale and retail listed companies in China from 2010 to 2015,570 sample data for statistical analysis.2 VIF is based multicollinearity test results show that the variable index does not exist between serious multicollinearity problems,eliminate collinearity problem between variables affect the empirical results.Research conclusion:(1)wholesale and retail in the different stages of life cycle,the ratio of debt financing and financial performance has the remarkable difference;(2)wholesale and retail listed companies in the different stages of life cycle,asset-liability ratio is negatively related to financial performance,the increase of the asset-liability ratio will lead to a drop in financial performance:(3)the growth and decline of short-term debt ratio and financial performance is related,the long-term debt ratio is negatively related to the financial performance;Mature period of short-term debt ratio is negatively related to the financial performance,long-term debt ratio and financial performance are related.According to the theory and practice analysis,put forward the proposal:wholesale and retail of listed companies to choose debt financing strategy according to the characteristics of the life cycle;Keep the reasonable asset-liability ratio;To determine reasonable term structure of debt financing;Widen the channel of the debt financing.That is to say,the paper research content has a certain meaning,can not only enrich related theory,as well as wholesale and retail listed companies financing strategy advice.