The Impact of Capital Structure and Debt Maturity Structure on SMEs Performance

摘要：

This paper takes listed company data of small and medium-sized non-financial ones from 2007to 2008 as samples to emp irically test the impact of capital structure and debt maturity structure on firms performance. The study finds:(1) short-term debt ratio has significantly negative relationship with the corporate performance, the lower the proportion of short-term liabilities,the better the firms performance. This contradicts with the classical proxy theory. (2) The best capital structure of Chinas small and medium-sized listed companies is instable,specifically, in 2007 the best capital structure did not exist, while in 2008 it existed.(3) When the best capital structure exists, before achieving the best capital structure, the corporate performance is positive correlation with the capital structure, and after that,the relationship is negative.

关键词： debt maturity structure capital structure firms performance SMEs

作者: Yimin Yang Xianting Yang

作者单位: School of Business Hunan Agricultural University.Changsha .China School of Business Hunan Agricultural University Changsha.China

会议类型: 国际会议

会议名称: The 10th International Conference on Intelligent Technologies(第十届智慧科技国际会议 InTech09)

会议地点: 桂林

会议语种:英文

页码: 385-388

在线出版日期: 2009-12-12（万方平台首次上网日期，不代表论文的发表时间）