The Impact Of Financial Ecology Environment And Property Rights On The Correlation Between Debt Structure And Debt Restructuring

Corporate debt financing is the primary condition for debt restructuring.As debt financing triggers debtor debt repayment crisis and attracts creditors' attention,both of them continue to negotiate the debt repayment problem and thus cause enterprises to carry out debt restructuring.In the past studies,scholars have proved that debt financing has a great governance effect,and the governance effects of different structures of debt are different,which ultimately leads to the company's financial distress,and the size of its restructuring is not the same when it chooses to carry out debt restructuring.It is meaningful to discuss the relationship between debt structure and debt restructuring scale through the debt governance effect.Secondly,in the capital market,the financial ecological environment affects the development of listed companies at all times,and in every change of the financial ecological environment,the government will play the role of �father love� according to the characteristics of the market.The constant changes in the market economy and financial environment will affect the number and size of debt restructuring of listed companies.At the same time,among the listed companies that carry out debt restructuring,state-owned enterprises also occupy a large proportion.Therefore,when enterprises are in different financial ecological environments at the same time,due to the different nature of property rights,the relationship between the debt structure and the scale of debt restructuring will be different,and the debt governance effect will also be affected.Finally,most of the research results at this stage focus on the governance effect of the overall debt,ignoring the differences caused by different debt structures,and the discussion of external influence factors focuses on government intervention and bank-enterprise linkages,etc.for financial ecological environment or finance.There are not many influential factors such as the ecological environment and the nature of property rights.Based on the above background,this paper adds the two background factors of financial ecological environment and property rights.Based on the literature summary and basic theoretical research,the empirical research method is used to deeply explore the relationship between debt structure and debt restructuring scale.The conclusions are as follows:(1)Debt of different maturity and source structure will affect the company's performance and governance effect,thus affecting the scale of debt restructuring,so the company's debt structure should be adjusted according to its actual situation;(2)Financial ecological environment and The difference in the nature of property rights will also enhance or weaken the relationship between the debt structure and the scale of debt restructuring.Enterprises should increase their sensitivity to the environment,adapt to changes,and achieve true independent management.(3)Internal corporate governance the structure has a certain governance role,which indirectly affects the scale of debt restructuring.According to the research conclusions,this paper proposes the following suggestions:(1)The enterprise should reasonably arrange the corporate debt structure according to its own situation and the environment;(2)continuously optimize the external financial environment of the enterprise and the internal financial environment of the enterprise,and try to avoid financial risks;(3)Appropriately reduce the government's intervention in enterprises,the government should give full play to the role of resource allocation and macro-control;(4)Arrange the debt structure according to the company's own situation and rationally improve the internal control structure of the enterprise.Through the above conclusions and recommendations,this paper hopes to provide a reference for the company to arrange the debt structure and exert the debt governance effect.