Empirical Study Of Chinese Listed Companies Performance Of Debt Financing Structure Of The Company

Enterprise’s financial structure has been one of the objects of microscopic financial circles since the1950s that MM theory was put forward. Researching on the relations between the financing structure and corporate value becomes the hot topic, especially for debt financing structure research. In recent years, foreign and domestic scholars study the problem from various angles, as a result of research methods and the aspects of object is different, they have not reached a unified conclusion.Along with the development of capital market, the company scale expansion and the using of internal governance theory, the Chinese listed companies’performance has been improved. At the same time, since2005our country begins the share-trading reform, not only deepened the reform of investment and financing system in our country, but also increased our country’s listed companies financing channels. The listed companies choice different financing channels and form their own financing structure. The game process of the costs and benefits, the company’s operating performance has also undergone a change.In this paper, Chinese listed companies in2007-2011date as samples, using the influencing of the listed company debt financing structure on corporate performance as the research object, from the theory and empirical two aspects to study the relationship between them. First of all, through theoretical analysis and on the foundation of the predecessor studies, debt financing structure is divided into three parts:the overall debt financing structure, the term structure of debt financing and debt financing source structure. At the same time, the theory analysis puts forward that debt financing structure have positive influence on the operating performance of listed companies because of its tax avoidance and other factors. Secondly, based on all kinds of index to measure the corporate performance and discuss the advantages and disadvantages of the index, finally decided to use the principal component analysis to measure performance of the company in order to get a more objective evaluation. With annual inflation rate to normalize the five years of data score and get five years the average of the data in data processing. Again, through established the three models, using Eviews software to multiple linear regression. We get that:the bank leverage has significantly positive influence on corporate performance; asset liability ratio, short-term and long-term debt ratio, commercial credit rate and bonds payable rate all has significantly negative influence on corporate performance. Finally, comparing the empirical results and the theoretical analysis, and found that the empirical results and the theoretical analysis results are opposite completely, debt financing didn’t improve the effect of corporate performance. Investigate its reason, mainly lies in our country’s listed companies financing order against peck order, equity financing preference; bank supervision mechanism weakening; bankruptcy law mechanism is not sound; bond market is not developed. In view of the above problems, this paper puts forward the corresponding policy suggestions, such as adjusting the financing order, perfecting the bank supervision mechanism, establish and improve the bankruptcy mechanism as well as the development of the bond market, so as to achieve the purpose of improving performance of the companies.