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Research on Debt Financing and Corporate Performance of Listed Companies in Henan

Author: QiGeZi
Tutor: LiangTongWei
School: Zhongyuan Institute of Technology
Course: Accounting
Keywords: Listed Companies of Henan Province Debt financing Debt types Debtmaturity Enterprise Performance
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 1
Quote: 0
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Abstract


Financing structure directly affects the business performance, and equity financingand debt financing is the company’s two major source of money. in recent years, scholarshas carried on the extensive research and discussion on equity financing. However, it isignored the research on the effects of debt financing on corporate performance, and mostof the research are just discussed the overall level of debt financing effects on businessperformance, not from the debt financing structure. So this article discuss generalstructure of debt financing, the term structure and type structure, which have impact onbusiness performance of listed companies in Henan province. It provide theoreticalreference and practical significance to the financing problems of listed companies in ourprovince.At first, this paper summarizes debt financing at home and abroad, Then on debtfinancing and corporate performance of relevant theoretical basis in this paper. mainlyincluding agency cost theory, incentive theory, optimal sequence financing theory,control theory, Stakeholder theory and so on. this paper Has carried on the empiricalanalysis, which based on the36listed companies’s3years of data from2009to2011inHenan province. It selected nine indicators, reflect the profitability of enterprise financialposition, operating capacity, debt paying ability and development ability, which reflectedthe Enterprise performance, and selected the asset-liability ratio, rate of short-term debtratio and long-term debt ratio, bank loan ratio, commercial credit ratio as debt financingindicators. the enterprise scale and free cash flow as control variables. At last, using theempirical methods of descriptive statistics, factor analysis, correlation analysis andregression analysis. It can get the following conclusions:(1) Overall debt structure and corporate performance of listed companies in Henan province is significantly negativecorrelation.(2) short term debt ratio is positively related with corporate performance, andlong-term debt ratio is negatively related to the corporate performance. However, theydidn’t pass the significance test.(3) Enterprise performance and bank loan ratio hassignificant negative correlation between, and commercial credit ratio was significantlypositive correlation.Finally, the author, getting the empirical analysis conclusion, try to analysis thereasons. In order to improve the business performance of listed companies in Henanprovince, combining with the current the actual situation of listed companies, the authorputs forward Suggestions of optimizing the structure of debt financing of listedcompanies.

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