The Research On Debt Performance Evaluation Of Listed Expressway Companies In China

With the level of economy in China continues to improve, the social various aspects developed rapidly, especially the development of expressway construction is particularly prominent. Huge investment is the biggest characteristic of expressway construction. In China, current cost of investment in construction of an expressway is hundreds of millions to billions of yuan, obviously just relying on the fund of the expressway departments is not enough. Under these conditions, for the listed expressway companies in China, the fund raising as a basis for the development of the company is particularly important, and the "double-edged sword"--debt acts the protagonist. On one hand, the appropriate inputs of the debt will improve the company’s management level and speed up the development of the listed expressway companies in China; On the other, the improper inputs will cause a huge debt and seriously financial risk. Therefore, the performance evaluation of debt of the listed expressway companies in China has important significance. On one hand, it will find out the deficiency in the process of borrowing to prevent the occurrence of debt risks; On the other, it can be combined with the specific situation of internal and external environment of the companies and play a role of the leverage of debt financing, lead the flow of debt capital and provide support for the steady development of the companies.Through the analysis of the situation of listed expressway companies’ debt in China, and combining with the capital structure theory, financial performance evaluation theory and debt contract theory as the instruction, firstly this article defined the debt performance evaluation of listed expressway companies in China and analyzed the meaning of systemic, usefulness, operability, and clarity and the functions of promoting, monitoring and strengthening; Secondly, this article analyzed the elements of the system of debt performance evaluation:the factor of structure, cost, risk, management and profit; Finally, this article built the system of debt performance evaluation, used the method of regression to verify the system with 18 listed expressway companies’ financial data from 2008 to 2013 and put forward proposals.