Manufacturing Listed Company: An Empirical Study On The Impact Of Debt Financing On Corporate Performance

Manufacturing industry is the pillar of the national economy, is one of theleading department, China’s economic growth is the main channel of employment, withthe economic development of China is closely related to People’s Daily life. And thestudy of debt financing in China started relatively late, and most studies have focusedon equity financing, and ignore the interests of creditors and their role in corporategovernance. So this article will study the focus of the confirmation for manufacturingthe impact of debt financing on corporate performance of listed companies. And how todetermine the total debt maturity, distribution, choose debt financing way, to form thebest financing structure, has important theoretical reference value for manufacturinglisted companies.This article selects2008-2012in the deep Shanghai exchange listed a-sharemanufacturing listed companies as research samples, from taian database for its annualreport data, and using SPSS19.0for empirical analysis. Empirical research conclusion is:the manufacturing the overall level of debt financing and corporate performance oflisted companies showed a negative correlation relationship; Short-term debt arenegatively related with corporate performance, and long-term debt are negativelyrelated with corporate performance; Bank loans are negatively related with corporateperformance, commercial credit were positively correlated with corporate performance.Based on the structural arrangement for, the first chapter is the introduction part.This section introduces the paper’s research background and practical significance, thetheoretical basis of the research status at home and abroad and the research mainlyincludes the MM theory, agency cost theory, asymmetric information theory, controltheory and duration matching hypothesis, and briefly summarizes the research ideas andmethods of this article and innovation of this paper. The second chapter is the corporateperformance of listed companies of manufacturing and summary of the basic theory of debt financing. On the corporate performance, debt financing, defining the basicconcepts, such as manufacturing and through sample data analysis of the currentsituation of manufacturing debt financing and corporate performance. The third chapteris on manufacturing listed companies on the impact of debt financing on corporateperformance theory analysis. From the overall level of debt financing, and debt maturitystructure of debt financing source three aspects analyzes the manufacturing the impactof debt financing on corporate performance of listed companies. The fourth chapter isthe empirical part of this article, first, on the basis of the third chapter puts forwardresearch hypothesis, and based on assumptions selected sample and variable indicators,build multivariate linear regression model. Then the correlation analysis and regressionanalysis. The fifth chapter summarized in this paper, the theory and empirical research,and points out limitations of this study.