The Empirical Study On The Relationship Between Bond Financing And The Performance Of Small And Medium Board Enterprises Issuing Bonds

Depending on the development of economy,China’s financial market is gradually improving,which also provides more choices for enterprise financing,and the scale and ways of financing have been greatly changed.From the perspective of financing status quo,the expansion of production of enterprises brings about a growing financing scale.Only relying on equity financing will dilute the company’s control right,and the dividend payment is not tax deductible,while the bank loan interest rate is high,which will increase the financing cost of enterprises to a certain extent.By analyzing the financing structure of the listed companies in the developed capital market,it is found that the issuance of bonds plays a significant role in the financing of corporate claims due to its functions of tax reduction and boosting the market’s confidence in the enterprise,which provides a reference for improving the capital market and solving the financing problems in China,as well as for the study of the relationship between the issuance of bonds and corporate performance in China.The existing research on the impact of financing methods on corporate performance mainly focuses on the impact of financing structure or debt financing on performance,and the research object is mainly focused on the main board market,while the research on the small and medium-sized board is less.For small and medium-sized board listed companies,whether to adopt bond financing or expand the proportion of bond financing depends on the absolute scale of bond financing and the relationship between relative scale and enterprise performance.Therefore,it is necessary to analyze the specific impact of bond financing on the performance of issuing enterprises,so as to provide a basis for small and medium-sized board listed companies to reasonably choose financing methods and adjust financing structure Suggestions should be made.In this paper,when analyzing the relationship between bond financing and the performance of small and medium-sized board issuing enterprises,first of all,clear the research background and significance,explain why the small and medium-sized board issuing enterprises are selected for analysis;secondly,collate and analyze the domestic and foreign literature on the financing structure,debt financing and the impact of bond financing onenterprise performance,understand the relevant conclusions and research methods,and provide reference for this study This paper analyzes the various effects of bonds on corporate value,and demonstrates them with specific corporate data to provide theoretical basis for the following empirical analysis.Thirdly,take the 2018-2019 financial data of the issuing enterprises in the small and medium-sized board market as a sample for empirical analysis,construct performance indicators and carry out regression analysis to understand the relationship between bond financing and performance,and then draw a conclusion: first,the scale of bond financing of the issuing enterprises in the small and medium-sized board has a negative correlation with performance,second,the asset liability ratio has a negative correlation with performance,third,bond financing The debt to debt ratio is positively correlated with performance.Finally,according to the results of the study,the paper concludes that in order to improve the performance level of SMEs in the current capital market,we should increase the relative scale of debt financing rather than the absolute scale,and put forward some suggestions on how to promote SMEs to make better use of debt financing.