Debt Leverage,Ownership Structure And Enterprise Performance

It is generally believed that the capital structure plays an important role in the management of the company,and the debt leverage of the enterprise is an important embodiment of its capital structure,which affects the performance of the enterprise.Most Western studies show that debt financing plays a positive role in corporate performance.However,the economic and institutional background of our country is different from that of western developed countries.The financial market is not perfect,the financial structure is unreasonable,and the state-owned enterprises are faced with the "soft budget constraint".Under this background,can debt financing still play its governance effect and improve corporate performance? Chinese scholars have carried out a great deal of research and discussion,and found that the effect of debt financing on corporate performance has weakened in our country.Some scholars explain it from the institutional level,but ignore the differences of different ownership enterprises.In China,because of the long-term adherence to the bank dominated financial structure,the state-owned banks often bear the role of the main body of the allocation of credit resources,and there are some natural relations between the state-owned banks and the state-owned enterprises.The ownership structure of the enterprise becomes an important consideration of the bank credit,which affects the debt leverage and the performance of the enterprise.Therefore,this paper,using the data of non financial listed companies in China for2007-2016 years,combined with the special economic and institutional background of China,discusses the impact of debt leverage on corporate performance in different ownership structures.The first is related theoretical analysis,and then makes statistical analysis using the filtered data,and combines with the conclusions of theoretical and statistical analysis,and puts forward research hypotheses.We use principal component analysis to construct comprehensive indicators of enterprise performance,and use the fixed effect regression model to make empirical tests and analysis of relevant indicators,and draw a conclusion.Combined with the results of theoretical analysis and empirical test,this paper draws the following conclusions: Firstly,the debt leverage of non-financial listed companies in Chinahas an inverted U relationship and an optimal asset liability ratio of 57.98%,which makes the enterprise performance the highest.According to different ownership enterprises,the optimal asset liability ratio of state-owned enterprises is high,and is significantly higher than that of non-state-owned enterprises.This shows that there are differences in the efficiency of financial resources among different ownership enterprises.At the same time,because the enterprises may use the current financial resources for long-term investment and innovation investment,the relationship between debt leverage and enterprise performance of non financial listed companies in China has a short-term and long-term difference.In addition,there is a mismatch between financial resources in different ownership enterprises in China,and this mismatch seriously affects the improvement of enterprise performance.Therefore,China should accelerate the market-oriented reform of the financial system,establish a fair and orderly market competition environment,promote the reform of state-owned enterprises,standardize the mechanism of bankruptcy and exit,promote the reform and development of the capital market,improve the financial structure,develop the enterprise bond market and establish a real debt debt relationship so as to perfect the enterprise.Industrial capital structure,improve enterprise performance,and promote the rational allocation of financial resources.