Debt Structure,equity Nature And Market Value Management Performance

As a measure of capital structure,corporate leverage affects corporate governance and financial cost.There is an optimal solution to the impact of corporate performance.Only in a certain moderate level can it play a positive incentive role.At present,the economic growth is declining,facing the painful period of "three periods superposition",and the expanding debt scale has lost the basic support.This kind of crisis overlaps and infects each other in various departments,which easily leads to systematic risk.Domestic scholars have carried out a lot of theoretical and empirical research on the debt problem,ignoring the structural hidden dangers of debt.In fact,the different maturity and cost of debt are intertwined,which has a complex impact on corporate performance.In addition,the debt problem is more concentrated in the enterprise sector,especially in the non-financial enterprises.Due to the long-term adherence to the bank dominated financial system,coupled with a natural relationship between banks,governments and state-owned enterprises,the nature of equity has become an important consideration of credit resources,which further affects the survival and development of enterprises.Market value management performance is a new benchmark to measure the strength of listed companies and capital market,but it should be based on good operating performance as the premise and guarantee.The difference of enterprise debt structure affects its production and operation activities,which not only affects the operation performance,but also determines the market value performance of the enterprise.Based on the micro perspective,using the data of non-financial listed companies,this paper adopts factor analysis method to measure the operating performance and market value management performance,and explores the internal relationship between them.Secondly,it constructs panel regression model to study the transmission mechanism of debt structure to market value management performance,and based on the difference of equity nature and long-term effect,to find out the structural hidden danger and market value management performance The lack of system can provide reasonable conclusions and policy suggestions for enterprises to resolve debt crisis and the healthy development of capital market.Through theoretical analysis and empirical test,this paper draws the following conclusions: first of all,there is a high degree of fit between operating performance and market value management performance.Compared with non-state-owned enterprises,the deterioration of market value management performance of state-owned enterprises is more serious.Secondly,excessive current liabilities and high debt cost restrain the further improvement of market value management performance.Moreover,the current corporate sector unreasonable debt structure on the inhibition of performance is different among different equity enterprises,and has a long-term effect.Therefore,this paper suggests that China should continue to promote the establishment and improvement of multi-level capital market,increase the proportion of equity financing,continue to promote the reform of state-owned enterprises,eliminate excess capacity,speed up the reform of interest rate liberalization,close the credit preferential and financial subsidy policies to non-state-owned enterprises,effectively reduce the operating costs of enterprises,truly realize the transformation of capital from virtual to real and improve the performance of enterprises,Promote the rational allocation of financial resources.