Debt Financing and Corporate Performance--Taking the case of Chinas Listed Companies on Growth Enterprise Market

摘要：

　　This article samples 293 listed companies on GEM (Growth Enterprise Market) of Shenzhen Stock Exchange, uses SPSS 17.0 to analyze their annual report data from 2009 to 2011.The results show that corporate performance will increase and then decrease along with the improvement of debt asset ratio, and achieve optimized performance at about 50%-60% of DAR (debt asset ratio);short-term borrowings have significant negative effects on corporate performance, bank debt, commercial credit and long-term borrowings have indistinctive positive effects on corporate performance, and other debt have marked positive effects on corporate performance.This research is helpful for governmental macro-control and SMEs themselves to build reasonable capital structure to improve their corporate performance.

关键词： GEM (Growth Enterprise Market) listed companies debt financing corporate performance

作者: Li Ma Mingfeng Jiang

作者单位: School of Business, Dalian University of Technology, Panjin, 124221,P.R.China Faculty of Humanities and Social Science, Dalian University of Technology, Dalian,116024,P.R.China

会议类型: 国际会议

会议名称: The Thirteenth Wuhan International Conference on E-Business(第十三届武汉电子商务国际会议)(WHICEB2014)

会议地点: 武汉

会议语种:英文

页码: 205-212

在线出版日期: 2014-05-31（万方平台首次上网日期，不代表论文的发表时间）