The Inverse U-shaped Effect Of Debt Maturity Structure On Business Performance

For a long time,the Chinese government has attached great importance to the debt problem of non-financial enterprises.Deleveraging and effectively reducing the debt ratio has become one of the main means to resolve corporate debt risks.Enterprises accelerate the pace of innovation and upgrade,continuously improve production and operation efficiency,and continue to meet the diverse needs of consumers,so that companies can obtain a more stable competitive advantage,which has become an important challenge that companies must face.So,how to deal with the relationship between "de-leveraging" and "promoting innovation" to better improve corporate performance has become an important topic worthy of everyone's attention.This article takes the listing of A-share main board manufacturing companies in Shanghai and Shenzhen from 2014 to 2018 as a research sample.The method of combining empirical research and theoretical research which deeply studies the relationship between the debt maturity structure,innovation research and development investment,and business performance..First,this article introduces related theories such as financing theory and innovation;then uses the comprehensive operating performance obtained by factor analysis as the dependent variable;selects the asset-liability ratio,short-term debt financing rate,and long-term debt financing rate as independent variables;selects financing costs,government Subsidies,equity concentration,investment opportunities,asset guarantee value,corporate growth,and market competition were used as control variables.Empirical research was conducted on the research samples with the help of stata software.Multivariate regression empirical results show that:(1)The overall debt level and operating performance of enterprises,short-term debt financing and operating performance have significant inverted U-shaped relationships,respectively;long-term debt financing and operating performance have not undergone significant testing,and there is no second-order nonlinearity Impact;(2)The company's overall debt level,short-term debt financing and long-term debt financing and corporate innovation R & D investment have a significant inverted U-shaped relationship;(3)innovation R & D investment at the overall debt level and operating performance,short-term debt financing and operation It plays a mediating role in the inverted U-shaped relationship of performance.Then,the above empirical analysis results were discussed in detail,and proposes the following policy recommendations:(1)Manufacturing companies should optimize the debt maturity structure,reasonably allocate the proportion of long-term and short-term debts,and make better use of the debt maturity structure in corporate governance;(2)improve the long-term debt market and reduce the financing cost of enterprises;(3)increase investment Conversion efficiency,strengthen the competitive advantages of enterprises;(4)The government strengthens supervision of enterprises to reduce the occurrence of enterprise risks.The thesis can provide empirical data for listed companies in the manufacturing industry to optimize the debt financing structure from the perspective of debt maturity to improve operating performance;provide references for companies to seek the optimal debt scale and optimal debt maturity structure,enhance technological innovation and promote the long-term development of manufacturing companies.