Analysis On Debt Financing Structure Of Listed Companies In Transportation Industry And Its Impact On Financial Performance

Since the 1950s MM theory put forward, the enterprise financing structure has become one of the most concerned micro-financial object. As the basic industry supporting the development of the national economy, the development of the transportation industry is related to the stability and economic development of today's society. Transportation is a capital-intensive industries, so the first consideration has been able to raise funds, and now the main sources of transportation in China's transportation industry is relying on state investment and equity financing, the real debt to raise funds relative to The neglect of debt financing hinders the effective functioning of the governance effect. The significance of this paper is to explore whether the debt financing structure of the sample company affects the company's financial performance and how it affects the company's financial performance.This paper first introduces the background and significance of the topic, and then summarizes the research methods and innovations of this paper on the basis of the relevant research of scholars at home and abroad. Then, the paper analyzes the railway, highway,water, aviation and pipeline transportation in the transportation industry Sub-sectors of the transport mileage, passenger volume, cargo volume and other status of the specific description of the analysis; and then select the highway, waterway, air transport three industries, respectively, the debt financing structure and financial performance of the relevant indicators to do descriptive statistics to To understand the situation of the debt financing structure and financial performance of the transportation industry. Finally, in order to obtain the rigorous and accurate experimental results, the regression analysis of the three sub-sectors of highway, waterway and air transportation were carried out respectively. Based on the empirical analysis and analysis results, combined with the actual situation and characteristics of the listed companies in the transportation industry, the paper puts forward the suggestions to optimize the debt structure to improve the financial performance of the enterprises.Through the empirical analysis, this paper concludes that the overall level of debt financing of long-term liabilities, short-term liabilities, bank loans, commercial credit and bond financing have a negative impact on the financial performance of the listed companies as a whole. Leasing has a positive impact on performance. Sub-sectors have the same conclusion as the overall sector in terms of debt levels and debt maturity structure, but differ in the type of debt structure. In the face of such financing, this paper puts forward the corresponding policy suggestions, such as increasing the internal financing, adjusting the financing order, improving the banking supervision mechanism, establishing the perfect bankruptcy mechanism, establishing the reasonable commercial credit system and the finance leasing supervision system and developing the bond Market and so on.