Empirical Research On The Impact Of Bond Financing On Performance Of The Listed Companies In China

With the accelerated development of global economic integration and the deepening of financial market reform,enterprises are facing unprecedented challenges in the competition.Using debt financing tools to finance has become one of the important financing methods preferred by many domestic listed companies.In 2020,China’s corporate bonds began to implement the registration system audit.At the same time,the state strongly supported the development of emerging varieties of bonds such as green bonds and double-creation bonds.Compared with 2017,the proportion of domestic bond financing increased by 10 percentage points.Since the mid-1990 s,scholars in western developed countries have begun to pay attention to the problem of corporate debt financing,especially for the impact of debt financing on corporate value,financial risk and other aspects of a large number of theoretical analysis and empirical research,forming a relatively mature theoretical system.However,due to the differences in economic systems,legal systems and cultural backgrounds of various countries,whether foreign research results are applicable to China remains to be further explored.Therefore,in the case that China’s bond market is not perfect and the credit rating system has not yet been established and improved,it is of great practical significance to study the mechanism of listed companies’ debt structure optimization through bond financing,and then affect their business performance.In this context,this paper first introduces the research status and main viewpoints on the relationship between bond financing and business performance at home and abroad;secondly,it expounds the theoretical basis of listed company bond financing and measuring business performance;then it theoretically analyzes the impact mechanism of debt financing on business performance,and puts forward research hypotheses.Then,the financial data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021 are selected as samples,and the comprehensive evaluation model is constructed by factor analysis to calculate the operating performance score of each sample company,which represents the overall operating level of the company.Finally,the PSM-DID regression model is used to analyze the relationship between bond financing and business performance of listed companies in China.At the same time,taking into account the differences in different industries,regions and ownership types,the samples are further divided into samples.After examining whether the impact of their respective bond financing on business performance has significant differences.Finally,through the robustness test,it is confirmed that the empirical results are reliable.Through theoretical and empirical research and analysis,this paper draws the following conclusions:First,on the whole,through the initial issuance of bonds,enterprises can significantly improve business performance.Second,bond financing can effectively reduce the financing cost of enterprises,and can improve the operating efficiency of enterprises by extending the debt maturity,and can also improve the operating conditions of enterprises by extending the maturity of bank loans.Third,for enterprises with different ownership,non-state-owned enterprises can better improve their business performance through bond financing.For the eastern region and non-manufacturing enterprises,the use of bond financing can significantly improve the operation of enterprises.Finally,based on the above conclusions,policy recommendations are proposed from four perspectives.First,from the perspective of macro policy,strengthen the construction of the bond market supervision system.Second,from the perspective of bond issuance micro-subject companies,combined with their own actual use of the bond market to increase the scale of bond financing,supporting incentives to stimulate the enthusiasm of companies to participate in bond financing.Third,increase the intensity of opening up,strengthen the capacity building and appropriate management of bond investors,and increase compliance supervision.Fourth,continuously explore new bond financing support tools,broaden the scope of corporate participation,and provide diversified financing channels.