Research On The Correlation Between Bond Financing And Corporate Performance Of Chinese Listed Companies

The automobile manufacturing industry is an important pillar industry of China's national economy and an important indicator for measuring the level of industrial development of a country.As decision-making of financing structure directly affects the financing cost and governance structure of an enterprise,and indirectly determines company performance and company value,it has always been an important content of contemporary corporate financial management research.Through studying the correlation between the financing structure and corporate performance of listed companies in China's manufacturing industry and selects the effect of bond financing on corporate performance,this paper strives to provide some theoretical and practical basis for improving company performance.First of all,this paper sorts out and summarizes the theoretical results that domestic and foreign researchers have achieved,and sorts out the concepts and existing theoretical foundations related to financing structures.Secondly,this paper selects listed companies in China's automobile manufacturing industry and specifically studies the status of its bond financing.Third,taking the bond financing and corporate performance of listed companies in the automobile manufacturing industry as the research object,based on the panel data of 30 listed companies in China's A-share automobile manufacturing industry from 2010 to 2018,through comparative analysis,correlation analysis,regression analysis,the relationship between bond financing and corporate performance is explored,and the following conclusions are obtained: first,the asset-liability ratio has a significant inhibitory effect on corporate performance;second,when only the bond financing ratio is considered,it has a positive effect on corporate performance,but when comprehensively consider the asset-liability ratio and bond financing structure,there will be a restraining effect on corporate performance;third,the greater the proportion of corporate bond financing in total debt,the more it will help promote the improvement of the company's performance level;fourth,based on the perspective of control variables,company size has a negative effect on company performance,and the company's ability to grow and inventory turnover rate can effectively promote the company's performance level.In view of this,specific policy recommendations are made on how to improve company performance.