Research On The Impact Of China's Non-financial Listed Companies' Debt Financing On Business Performance

Since corporate debt financing is an important form of pulling leverage,is China's “de-leveraging” policy aimed at corporate debt financing? Western theory believes that debt financing plays a positive role in performa nce,and what is the economic benefit of corporate debt financing in China? Based on the above questions,this paper studies and discusses non-financial listed companies as research objects.In the theoretical analysis,this paper constructs a functional m odel based on the decision-making behavior of debt financing fund providers and the profit behavior of listed companies.Through model deduction,it is found that the effect of debt financing of listed companies on their business performance is nonlinear.And this non-linear effect is mainly due to the influence of company leverage.As leverage increases,financial costs will gradually “squeeze out” debt financing “tax shield effect”,governance effects,which will form a threshold effect that increases from positive to negative and even negative.This paper selected the panel data of non-financial listed companies from 2010 to 2016,and used threshold regression to test the above effects.The results show that the effect of debt financing on the company's performance in all samples is reflected by the asset-liability ratio as a progressive effect with increasing negative effects;The state-owned listed company is affected by the asset-liability ratio to form a transitional threshold effect from positive to negative.The asset-liability ratio of 61.60% is the threshold for the impact of short-term debt financing on performance.And the asset-liability ratio of 32.69% is the threshold for long-term debt financing.Non-state-owned listed companies do not have the threshold effect of changing direction of action,It is only a progressive effect of increasing negative effects.This threshold effect also provides a new perspective for understanding the “de-leverage” intention.Finally,based on the specific situation of China,we propose targeted recommendations from five aspects.