Research On The Relationship Between Debt Financing Structure And Corporate Performance Of Listed Companies In China's Non-ferrous Metals Industry

Whether domestic or foreign scholars,the research on the financing structure has never been interrupted,while the debt financing as an important financial decision of the company's development plays an important role.Scholars in the study of the financing structure is mostly based on structural problems of equity financing and debt financing,research on debt financing structure is relatively small,combining the financial characteristics of a particular industry to analyze the relationship between financing structure and corporate performance is rare.We have learnt from the western theory of financing structure,operating in debt brings tax shields and financial leverage effect.The common feature of these theories is regarding all debt as "homogeneous",ignoring the different influence of different debt maturity structure and different debt type structure of debt on corporate performance.The non-ferrous metal industry is an important industry in the development of the national economy,nonferrous metals is an important cornerstone of other industries,it provides a very important strategic resource for other industries.Non-ferrous metals industry is a strong cyclical industry,it is closely related with the changes of the national macro environment,as one of the capital intensive industry improving company performance and improving the financing structure is very important.Therefore,it is necessary to study the relationship between the nonferrous metals industry listing Corporation debt financing structure and corporate performance.This paper consists of five parts.The first part is the introduction it contains the research background and significance with the summary of domestic related literature and innovation.The second part introduces the related theories of capital structure and corporate performance,laid the foundation for the third part of the analysis of the debt financing structure of the current state of nonferrous metal industry listed companies.The third part expounds the present situation of debt financing structure with the combination of the characteristics of non-ferrous metals industry.The fourth part uses the method of empirical analysis,selecting nonferrous metal industry listed on the sample data,selecting the relevant variables,making assumption,constructing model,and then making descriptive statistics,correlation analysis,regression analysis.According to the results of empirical conclusion,the fifth part puts forward relevant suggestions.The results show that,in nonferrous metal industry listed companies the rate of assets and liabilities,short-term debt ratio,long-term debt ratio,bank financing ratio,the rate of bond financing has a negative correlation with corporate performance,while relationship of the ratio of the commercial credit financing with corporate performance relationship is difficult to determine.