Research On The Relationship Between Debt Financing Structure And Operating Performance Of Listed Companies Based On Industry Differences

In recent years,China's capital market has developed rapidly,the corresponding debt financing channels for listed companies have become more and more extensive,and the differences in debt financing structure will also have different effects on business performance.In order to study the relationship between debt financing structure and operating performance of different industries,this paper takes the real estate industry,transportation industry and transportation industry as the basis for the study of the relationship between the maximization of corporate value and the debt financing structure.The information technology industry and wholesale and retail companies of the four major industries listed companies as the research object,selected four major industries listed companies 2012-2016 financial data,the first four major industries debt financing The status quo of capital is analyzed,and then F is calculated by factor analysis of SPASS19.0,which is used to represent the comprehensive performance level of the company.Finally,empirical analysis is conducted to verify the relationship between debt financing structure and business performance of different industries.The empirical results show that in the relationship between the total debt level and the operating performance,the positive correlation exists between the asset-liability ratio and the operating performance of the real estate industry,and the negative correlation exists in the transportation industry.In the relationship between debt financing term structure and operating performance,the relationship between short-term debt and operating performance is related to the relationship between short-term debt and operating performance.The positive correlation exists between the current debt ratio of the real estate and information technology industry and the operating performance,the negative correlation exists between the current debt ratio of the transportation industry and the wholesale and retail trade and the operating performance.In terms of the relationship between business performance,the positive correlation exists between the long-term debt ratio of the real estate industry and the operating performance,and the negative correlation exists in the transportation industry.In the debt source structure,the negative correlation exists between the bank financing rate and the operating performance of the four major industries.The negative correlation exists between the bond financing rate and the operating performance of the four major industries,and the relationship between the commercial financing rate and the operating performance.The positive correlation exists between the commercial financing rate of the real estate industry and the information technology industry,and the negative correlation exists between the business performance and the real estate industry.There is a relationship between the commercial financing ratio and the operating performance of the transportation industry and the wholesale and retail trade.In order to optimize the debt financing structure and improve the operating performance of related industries,this paper puts forward some suggestions: first,to optimize the overall level of corporate debt and to maintain reasonable financial leverage;second,to optimize the short-term debt ratio and long-term debt.The third is to speed up the development of the bond market and improve the bond financing ratio of listed companies.