An Empirical Study On The Impact Of Debt Financing On Corporate Performance Of Listed Companies In Yunnan

Business always need money,money for the importance of the enterprise is just as important as the blood for the human body.And equity investment as plasma,is the original funds of investors initially into enterprise;Debt financing as blood cells,borrowing from the development of the enterprise fund is the debtor;Short-term loans and long-term loans,trade credit and other forms of debt financing as the red blood cells and white blood cells,platelets,such as different types of blood cells,they each have an irreplaceable role.Capital in the enterprise virtuous cycle as well as the blood in the human body blood ring,there is a certain speed and direction,only money is good and healthy debt cycle in enterprises,enterprises can good development,higher performance can be achieved.Capital in the enterprise blood ring is a barometer of the healthy development of enterprises.This article mainly research funds in debt financing(blood)influence on enterprise performance,the main research scope to lock in the listed companies in these enterprises in yunnan province.Yunnan province listed companies are the market leader in economic development in yunnan province,is a financial contribution of the large taxpayer,so the debt financing and performance of listed companies in yunnan province,the relationship between economic development,employment,poverty alleviation in yunnan province has a great deal of help.Therefore,the way of raising funds has an important influence on enterprise performance.The previous scholars to a certain industry or the whole listed companies as the research object,this paper studies few places,listed companies in Yunnan Province as the research object,studies the relationship between debt financing and corporate performance;at the same time,previous scholars by single variable representing the enterprise performance,which is easily influenced by factors such as earnings management the research results are not accurate,this paper uses up to nine original variables by factor analysis,then obtains the enterprise performance score variables,regression analysis results more accurate;secondly,many scholars to study the relationship between corporate performance and the level of total liabilities from a single aspect,this paper further studies the term structure of debt financing the relationship between firm performance.This paper first introduces the research on corporate performance and debt financing at home and abroad,and introduces the capital structure theory and its development,laid the theoretical foundation for the following research,then the paper listed companies in Yunnan Province,the financial data of 3 years as the research object,carries on the descriptive statistical analysis of the current situation of the company the debt financing of listed in Yunnan Province,the average asset liability ratio of Listed Companies in Yunnan Province,the conclusion is slightly higher,debt maturity structure is not reasonable.Secondly,this paper uses factor analysis and regression analysis to study the relationship between debt financing and corporate performance of Listed Companies in Yunnan province from two aspects:the total debt ratio and the debt maturity structure.The empirical research conclusions are as follows:there was a significant negative correlation between listed companies in Yunnan province the total debt ratio and corporate performance;a negative correlation between current liabilities ratio and corporate performance of Listed Companies in Yunnan Province,long term debt ratio and corporate performance are negatively correlated.In view of the Yunnan province listed company debt financing situation and the results of empirical research,this paper put forward to improve the status of Yunnan province listed company debt financing countermeasures and suggestions to optimize the debt financing in Yunnan Province,so as to improve the business performance of Listed Companies in Yunnan province.