The Research To The Influence Of The Debt Financing Structure On The Gem Listed Company Growth

GEM listed companies are mostly small and medium-sized new and high-tech companies of high-growth,high-risk,high return,containing the growth option value,the biggest bright spot of which is the future infinite developmental potential,and difference from other main board market mainly lies in its high growth.The high speed continuous development of GEM listed companies needs to be provided a steady stream of financial support,the success of financing and financing structure is reasonable relationship between enterprise's survival,development and growth.So,how to objectively and accurately corporate the GEM listed company's growth,as well as the influence of the debt financing structure on the GEM listed company growth,is the main starting point of this paper and the main problem to be solved.This paper firstly makes a brief of the selected topical background and significance of topics,secondly reviews the domestic and foreign literature related to the company's growth and the influence of debt financing structure on the company's growth,and understands the research status in the field of literature,the main results and theories.After that,in support of the theory under the study,the paper conducts an empirical analysis on the influence of the debt financing structure on the gem listed company growth,and gives feasible advice for the results of analysis.This paper selects the 2011---2015 data of 255 listed companies listed before December 31 as the research samples,and adopts the comprehensive evaluation method to build the growth evaluation system of GEM listed companies,mainly from the profit ability,debt paying ability,operation ability,development ability and innovation ability five aspects to refine the 16 indicators.The paper carring on the bold attempt and actively explore on the measurement method,evaluats the GEM listed company growth by using the tratified model of multiple index panel data factor analysis,and researches the influence of the debt financing structure on the gem listed company growth by using the threshod panal model.Through empirical research,the paper has come to the following conclusions:(1)The growth of GEM listed companies tends to cluster on the whole,the discrete degree is not very big,and the companies of growth at the poles are rare.In the overall market the high-growth company quantity is less than the low-growth company quantity,the overall growth remains to be improved.(2)The influence of debt level on the GEM listed company growth is positive.When Lev?0.0771,the influence is even greater.The influence of short-term debt maturity structure on the GEM listed company growth is positive.When SD?0.5444,the positive effect is even greater.The influence of commercial credit level for the GEM listed company growth is positive.When AP?0.6127,the positive effect is even greater.(3)The debt level of high-growth company is significantly above the debt level of low-growth company.The short-term debt level of high-growth company is significantly below the short-term debt level of low-growth company.The business credit level of high-growth company and the business credit level of low-growth company has no significant difference.The possible reason of the empirical conclusions is: the debt level of GEM listed company is too low,and short-term debt level(0.877)is too high.The debt can only be used for daily operations,and can't be used for investing in high-quality tong-term projects.This limited its growth.So,relevant department should introduce preperatal policies to solve GEM limited company finance difficulties,especially long-term debt financing.