Empirical Research Of The Listed Companies Bond Financing And Corporate Performance

In the resent years，our country market has developed rapidly, getting the fundingchannels has been increasingly diversified by listed companies, in the aspect of capitalstructure is becoming more and more adapt to the development of market economy. Allthe time, bond and stock markets are important part of the capital market, and are theeffect means of direct financing of the listed companies. Since1958, Modigliani andMiller put forward the famous idea of the MM theorem, financing way is becomingmore and more attention by many scholars, but at present, China’s corporate bondmarket starts late, and still exists some problems, such as the small issuing scale, andlack of liquidity, at the same time, the study of the interaction of bond financing andcorporate performance did not cause attention of scholars both at home and abroad.Through the study of this article, we can effectively solve the problems, such as thefinancing ways of the listed company is single, financing structure is imbalance, and cansolve the companies issuing bonds is an appropriate way of financing and can improvebusiness performance or not.In this article, based on the issuance of bonds of listed companies as the researchobject, Selection315listed companies for nearly3years to issue bond in Shanghai andShenzhen, through the ways of literature reviewing, factor analysis and regressionanalysis, the relations of bond financing and corporate performance of listed companieshas been carried on the theoretical and empirical analysis, hoping to do well for thecurrent study. The biggest innovation is that, in the theoretical part, closely associatedwith the current situation of the bond market in our country, we begin to research fromthe bond financing of capital structure in our country; in the empirical part, the selectionof indicators are more representative, more comprehensive, and combine the factoranalysis and regression analysis to analysis.This paper is divided into six chapters. The first chapter is the introduction, brieflyintroduce the research background, significance, content and method as well as theinnovation place, and finishing the research results of scholars both at home and abroad.The second chapter is about the basic theory of bond financing, this paper introduces theconnotation and the basic theory of bond financing, then respectively on equityfinancing theory and the theory of bank loans, and points out the problems of the bondfinancing in China. The third chapter is about the enterprise performance evaluation theory, this paper introduces the connotation and the measure of enterprise performanceevaluation. The fourth chapter introduces the relationship between debt financing andcorporate performance of listed companies. The fifth chapter mainly carries on theempirical analysis, and choose the financial data of listed companies from2010to2012as sample, building model, analysising, drawing the conclusion: bond financing of listedcompanies in China didn’t have a positive effect to corporate performance, presents thecomparison between debt financing and corporate performance u-shaped relationship,but within the scope of what is relevant, within the scope of what negative correlation,we haven’t come to a conclusion. The last chapter puts forward policy suggestions topromote the development of China’s bond market.