An Empirical Study On The Relationship Between Bond Financing And Performance Of Listed Companies In China's Energy Industry

As the basic unit of the national economy,enterprises are the main participants in market activities.The improvement of enterprise performance is inseparable from the support of modern finance and the effective financing of the market.Enterprise development needs diversified financing channels,and the resulting financing structure directly or indirectly affects enterprise performance.Equity financing and bond financing are the basic ways for enterprises to carry out social financing.With the continuous development and improvement of the bond market,bond financing is becoming more and more important in the process of enterprise financing,and the relationship between bond financing and enterprise performance has gradually become the focus of research.Energy industry is one of the leading sectors of the national economy and plays a very important role in the development of the national economy.The operating status of energy enterprises is related to China's overall economic development level.Analyzing the relationship between the financing structure and operating performance of listed companies of energy enterprises and putting forward corresponding countermeasures and suggestions is of great significance to optimize the financing structure and improve the operating performance of energy enterprises.Therefore,this paper takes the energy industry as the research object and corporate bond financing as the starting point to study the impact of bond financing in China's energy industry on corporate performance.Firstly,this paper summarizes and combs the conclusions found by domestic and foreign researchers,which forms a certain foundation for the research on the relationship between financing structure and corporate performance.Secondly,this paper selects Chinese Listed Companies in the energy industry to study the current situation of corporate bond financing.Finally,select listed companies in the energy industry,take their operating performance as the explained variable and bond financing related indicators as the explanatory variable.Based on the panel data of 38 listed companies in China's energy industry from 2010 to 2019,build relevant models and select appropriate control variables to deeply analyze the relationship between bond financing and operating performance,The conclusions are as follows: first,the higher the asset liability ratio,the worse the company's operating performance.Second,there is a negative correlation between bond financing rate and corporate performance.Third,the larger the proportion of bond financing scale in total liabilities,the more conducive to promoting the improvement of corporate performance.Fourth,from the perspective of control variables,company size and management shareholding ratio have a positive and significant effect on company performance.To sum up,the overall debt level of the company,bond financing does help to improve the operating performance of energy companies.Finally,it puts forward some suggestions to improve the company's performance from the perspective of bond financing,and puts forward relevant suggestions on the reform direction of the existing financing system.