The Research On Optimization Of Logistics Listed Corporation Short-term Debt Financial

The logistics industry is China's emerging production configuration service industry which has the positive effect on the growth of national economy.Because the logistics enterprises are usually small and short of fixed assets as collateral,and the market demand on logistics industry is derivative which makes the logistics enterprise's profitability high.For a long time,the logistics industry has been at an unfair disadvantage in financial market,so that it dose not acquire the match status in national economy.It's widespread for logistics industry to suffer from the credit constrain.The financial ecological environment among regions in China is different.Due to the different location,the logistics industry enterprise in China face different ecological environment,they need to adjust their debt financial structures according to the efficiency and sautes of different financial market.Then they can meet the enterprise financial needs,maximizing enterprise values as well,which put forward higher requirements for the decision of the debt maturity and type structure.In this paper,the logistics listed corporations as the research objects of which the financial data is easy to get are typical.It is reasonable for logistics listed corporations to represent the debt financial structure of the logistics industry in different ecological environment condition.This research can examine the relationship between debt maturity and type structure and the maximization of enterprise value in the short-term debt perspective.On one hand,this research an enrich the listed corporation debt financial structure theory,on the other hand,it can provide the theoretical basis to do the debt financial structure decision to maximize the value of logistics listed corporations.In the regression analysis period,the logistics listed corporation's short-term debt maturity structure and the enterprise value is inverted U type relationship,so the best short-term debt maturity structure is existed,which can make the value of the enterprise value max.The level of the short-term debt maturity structure is higher in fine financial ecological environment area than in the poor area,which represent that the logistics listed corporations prefer to short-term debt financing on debt maturity decision,and the short-term debt financing scale plays a positive role in realizing the enterprise value.After examining the data in different groups,the relationship between the short-term debt financing scale and the enterprise value is negative.But in poor financial ecological environment group,the result is positive remarkably.For the whole industry,the excess short-term debt financing scale has a reduction effect on the enterprise value,and the effect is more remarkable in fine financial ecological environment group.Further more,grouping the short-term debt according the type,it can be found that the effect of different short-term type is distinct.The scale of short-term bank loans has reduced effect on enterprise value of logistics listed corporations in poor financial ecological environment group.But in this group,the scale of trade credit promote to realize the enterprise value.For the fine financial ecological environment group,neither short-term bank loans scale nor credit trade scales on enterprise value realization is significant.But the effect of both excess short-term bank loans and excess trade credit on enterprise value realization are significant.By comparison,the reduction of excess short-tern bank loans is more remarkable.Due to the difference of financial ecological environment's efficiency,it makes the logistics listed enterprise face financing constrains in different levels.In the fine financial ecological environment area,the logistics listed enterprises should remain sightly higher debt maturity structure level than optimal debt maturity structure,using the sufficient resources provided by the efficient financial market,trying other properties with lower cost and higher efficiency.In the poor financial ecological environment area,the logistics listed corporations should pay more attention to the promotion effect of the short-term debt on the enterprise value.Besides short-tern bank loans,credit trade plays an alternative role.In addition,no matter what the financial ecological environment,logistics listed corporation should avoid the excess short-tern financing,which should have a remarkable reduction on enterprise value.