Research On The Impact Of Debt Financing On The Growth Of The New Over-the-counter Market Listed Companies

In recent years,minor enterprises represented by companies listed in the National Equities Exchange and Quotations(commonly known as the “New over-the-counter market”)are playing an increasingly important role in the development of economy in China.However,minor enterprises lack collateral and collateral,and there are also problems such as high operational risks and imperfect governance structures,making minor enterprises such as the New over-the-counter market listed companies always have problems with financial constraints,it is harmful to development of companies.Based on this background,it is of great theoretical and theoretical significance to study the impact of debt financing on the listing of The new over-the-counter market.This paper adopts literature research method,statistical analysis method and multiple linear regression analysis method,both theoretical and empirical.Firstly,it comprehensively combs the research on debt financing and enterprise growth at home and abroad,expounds the theoretical basis of minor enterprises,enterprise growth and debt financing,and analyzes the impact mechanism of debt financing on the growth of minor enterprises,Then this paper analyzes the current situation of debt financing of The new over-the-counter market listed companies,and introduces the development status of the market,and the debt financing status of listed companies in the market.On this basis,This paper selected 880 companies on the new over-the-counter market as research samples after data filtering.and selects 10 financial indicators covering the company's solvency,profitability,operational ability and growth ability,and builds the comprehensive growth of the enterprise through factor analysis.and then this paper selects explanatory certain variables and control variables and growth indicators to build the model and conduct empirical analysis.conclusions are following:(1)For the overall sample,the asset-liability ratio is significantly negatively correlated with the company's growth,and the current debt ratio is significantly positively correlated with the company's growth.(2)The ratio of bank borrowings to total liabilities is negatively correlated with the company's growth,while the ratio of commercial credit to total liabilities is positively related to the company's growth.(3)The company's industry is different,and the effect of debt financing on the company's growth will also be different.Finally,based on the conclusions from the empirical analysis,this paperputs forward some suggestions on how to help minor enterprise make better use of debt financing to promote the company's development.