Ownership Concentration、Corporate Performance And The Level Of Debt Financing

There is difference between the capital structure choices of Chinese listed companies with "optimal sequence financing theory"-it preference to equity financing. Due to specificity of financing structure of listed companies in China and the debt financing market is not sound, so to study the effect of ownership concentration level of debt financing has the necessity. Since October 30,2009, the gem began to run, in developing and mature at the same time, the significant difference between the main board listed and gem is increasingly, so separately the main board and gem listed company research is necessary. Scholars’ deep research on the relationship between ownership concentration and debt financing level, many achievements were obtained, but in view of the equity concentration and level of debt financing in relation to the intermediate variable research is less, especially the main board and gem listed company equity concentration level of debt financing in relation to the comparing research less. Based on the corporate performance as the intermediate variable between ownership concentration and the level of debt financing, selected as the foundation of the national economy of manufacturing industry listed companies as research samples, trying to explore the main board and gem manufacturing ownership concentration and corporate performance of listed companies and the relationship between the level of debt financing, and according to the conclusion put forward rationalization suggestions, hoping to provide some references for the decision of debt financing in our country.This article selects the gem and main board manufacturing listed companies as research samples, select data from 2009-2013, based on the distinction between gem and main board market, to study the relationship between ownership concentration and debt financing level, ownership concentration and corporate performance,the level of debt financing and corporate performance. Results show that ownership concentration and the level of debt financing relationship between gem and main board manufacturing listed companies is significant difference: the ownership concentration and the debt financing of gem is a positive relationship, but main board manufacturing listed companies is to show a u-sharp curve relationship. In the case of diffuse ownership, gem and main board manufacturing listed equity concentration, the relationship between the level of debt financing and corporate performance exist significant differences, under the condition of equity concentrated, the gem and main board market equity concentration and the relationship between the level of debt financing and corporate performance is consistent.