Research On Correlation Between Debt Financing And Operating Performance Of Shandong Listed Companies

The capital structure theory think that debt financing can improve company performance.In the empirical research of Chinese scholars in the past,the most conclusion is that debt financing is negatively related with performance.This is clearly in the opposite with the capital structure theory.However,most studies take debt homogeneous as the research object,this paper takes the debt of non homogeneous as the research object,research the correlation between the different period,types of debt and the company operating performance.On the basis of related domestic and foreign debt financing governance theory and results on empirical research,combined with the actual situation in our Country,discussing the correlation between the debt financing and operating performance of Shandong listed companies.Firstly,elaborate the relationship between the debt level,maturity structure,type structure and operating performance in theory.Secondly,use the empirical analysis to test the correlation between debt financing and operating performance of Shandong listed companies.Through the empirical analysis,there is significant correlation between the debt financing and operating performance of Shandong listed companies:Debt level is negatively correlated with operating performance;The relationship between short-term debt and operating performance relationship is not obvious;The bank borrowings has negative correlation with operating performance,the commercial credit are negatively correlated with operating performance,the bond financing are negative correlation with operating performance.At the end,connection the actual and the results of empirical analysis,put forward to suggestions of improving the bankruptcy system,broadening the financing channels and so on.