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Research on the Impact of the Corporate Growth Ability to the Debt Financing

Author: PengShuiZuo
Tutor: GuoLiTian
School: Hebei University of Economics
Course: Accounting
Keywords: Debt Financing Corporate Growth Ability Financing Structure
CLC: F275
Type: Master's thesis
Year: 2014
Downloads: 1
Quote: 0
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Abstract


At present most of the enterprises prefer equity financing and ignore debtfinancing. Enterprises should pay attention to debt financing. Debt financing is the reasonablechoice, in order to give full play to the advantage of debt financing. The corporate growthability is an important factor which influences the debt financing. In this paper, the corporategrowth ability is regard as a starting point, and research it is how to affect the debt financingof China’s listing Corporation.This paper expounds the basic theories related to the effect of the corporate growthability to debt financing, then regards A shares of listing Corporation in China manufacturingindustry as the research object, carries out an empirical study on the basis of the2008-2012years data. Through factor analysis and multiple linear regressions, verify theinfluence factors which the corporate growth ability influence the debt financingof manufacturing listing Corporation business from the two aspects of the debt level and debtmaturity structure. We get the following conclusions:1.The corporate growth ability has anegative impact on the level of debt, namely the corporate growth ability is higher, andthe debt level will be lower.2. The corporate growth ability has a negative impact on debtmaturity, namely the corporate growth ability is higher, its short-term debt will more.Based on the conclusion of the study, in view of the enterprises and the governmentwe offer the following suggestions:1. Enterprises should choose debt financing according toits growth characteristics.2. Debt markets should have relatively perfect financing channelsfor enterprises to realize their debt financing choices. Consider the following aspects: developand perfect the corporate bond market, commercial banks and leasing market.The innovation of this paper:1.Previous studies mostly used one or two indicators tomeasure the corporate growth ability. This paper selects6financial factors to construct theindex of the corporate growth ability.2. Analyses the reasons for different conclusions inprevious studies in order to the conclusion have practical significance.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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