The Empirical Study On The Impacts Of Listed Companies Debt Financing Structure On Corporate Performance

Research on corporate governance, has been a hot topic in the academic research. In practice, the pursuit of corporate governance is to maximize shareholder interests. Companies tend to establish governance mechanism from the perspective of equity people, which may ignore the interests of creditors and debt financing governance effects, which liabilities arising from. At present, the macro economy is in the doldrums and China’s manufacturing industry is experiencing a "winter". For example, in February 2016, the manufacturing PMI index is only 49.0%, basically no change compared with January.However, the index has been in the lowest level in nearly five years, and has been seven consecutive months below the line (50%).When manufacturing industry faces a severe test, also exposed the debt financing structure has many problems in manufacturing. Debt financing of manufacturing is in a low level. Manufacturing companies tend to equity financing. Debt maturity structure is unreasonable. Short-term phenomenon of debt is serious. In 2012-2014, the proportion of current liabilities has been as high as 80%, which reflects excessive dependence on short-term debt. Debt cannot give full play to the role of governance.So, in order to focus on the healthy development of the manufacturing sector, it is necessary to fully analyze the impact of debt structure on corporate performance in the manufacturing sector.First, this paper describes the background and significance of the topic, summarizes the domestic and foreign literatures, and determines the research direction. Then, it defines the concepts of debt financing structure and corporate performance. According to the theories, propose research hypothesis. In this paper,1827 manufacturing firms as research subjects from 2012 to 2014, and combine with normative research method, literature research method and empirical research method. Through factor analysis, calculate the comprehensive score of business performance, as the explained variable. From the overall level of debt, debt maturity structure and debt source structure, selecting financial indicators as explanatory variables. Finally, multiple regression models are constructed and make an empirical analysis to test between manufacturing debt financing structure and enterprise performance whether there is a significant correlation.The research indicates that manufacturing listed company’s assets-liability ratio,long-term debt, bank loans is significantly negative with corporate performance, commercial credit and enterprise performance is significantly positive. Moreover, current liabilities and corporate performance is positive, but the impact was not significant. Corporate bonds and corporate performance is negatively, but not significant. According to empirical results, this paper draws conclusions. Then, make relevant recommendations from the following five aspects:optimizing the debt maturity structure, improving the delisting and the bankruptcy mechanism of listed companies, actively developing the bond market, strengthening the bank to enterprise’s forces and improving the information disclosure system.