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Research on the Impact of Corporate Performance Debt Financing Structure on Corporate Performance by Chinese Listed Companies

Author: XuNanYan
Tutor: FuLing
School: Xiangtan University
Course: Accounting
Keywords: Debt overall structure Debt maturity structure Debt arrangement structure Corporate Performance
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 465
Quote: 0
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Abstract


The two main sources of equity financing and debt financing is the company's capital, at the same time, due to its impact on the company's operating performance, therefore, be regarded as an important way to improve corporate performance. Scholars operating performance impact of done a lot of research on the company in respect of equity financing, while ignoring the impact of the expedition debt financing the company's operating performance, operating performance impact on the company and does not consider the different structure of the debt, only different debt as a homogeneous structure, no specific analysis. Therefore, this paper discusses the different types of debt financing structure of the company's operating performance in theory, the mechanism of action from the three aspects of the overall debt structure, debt maturity structure and debt arrangement structure of the different structure of the debt in the capital structure of listed companies in China company the actual effect of the performance analysis, hoping to provide a reference for China's listed companies to optimize the company's capital structure, improve the company's operating performance. The Western capital structure theory suggests that debt financing can not only play the financial leverage and tax shield effect, improve the company's operating results, and can play in the supervision and incentive management, reduce agency costs, reduce information asymmetry, optimize the company control over the configuration role, thereby enhancing the company's operating performance. The article focuses on the overall structure of the debt, the maturity structure and layout structure of the company's operating performance theoretically elaborate then on this basis, the the 2006-2008 CSI 300 Index constituent stocks empirical data to support research. First, descriptive statistics found that China's listed companies on the overall level of debt financing and equity financing preference, while 80% of short-term liabilities of the the debt maturity financing structure of listed companies in China, and mainly in the debt arrangement structure a small number of listed companies rely on bank loans and private debt, debt financing, issuance of corporate bonds and other public debt, which is contradictory to the pecking order theory of finance experience as well as the Western developed countries. Secondly, obtained by regression analysis, the debt the overall financing structure and debt maturity structure and corporate performance exist significant negative correlation between debt layout structure and corporate performance there is no significant correlation. The visible debt financing structure of listed companies in China did not theoretical positive effect on corporate performance. Finally, we contact the actual empirical results analysis and put forward countermeasures and suggestions should reshape the relationship between banks and enterprises, improve the structure of corporate debt financing, and to broaden the financing channels, improve the bankruptcy mechanism, and the establishment manager market, to help the listed companies in China able to make full use of debt financing structure effect a positive impact on the company's operating performance, and improve corporate performance.

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