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1、AbstractAbstractDebtfinancingstructuredeterminesthecorporatedebtcapitalstructure,itplaysanimportantroleincorporationgovernance,andthenimpactingthecorporationoperatingachievement.Fornow,researchontheconnectionbetweendebtfinancingandcorporationoperatingachieve
2、mentinourcountrymostlyconcentratedintheentiremarketorasingleindustry,fewselectingthelistedcompaniesindifferentindustriestocarryonacontrastanalysis.However,thedebtfinancingstructureindifferentindustriesisobviouslydifferent,theexistenceoftheindustryfactorswill
3、influenceresearchresults.Therefore,itisnecessarytoconductacontraststudyondebtfinancingstructureofdifferentindustriesimpactonbusinessperformance.Thepaperselectedwholesaleandretailtrade,electricpowerindustryandthetransportationofthesethreedistinctivebusinessmo
4、delindustriesastheresearchobject.Referencedtherelevanttheorydividingthedebtfinancingstructureintotheoverallstructure,thetermstructureandthetypestructure.Firstly,theoreticallyanalyzingtheaffectingmechanismofthedebtfinancingstructureoncorporateoperatingperform
5、ance,andlayingafoundationfortheempiricaltestofthedebtfinancingstructureimpactoncorporateoperatingperformance;Secondlyrespectivelyanalyzingthestatusofthedebtfinancingstructureofthethreemajorindustries;andthenbasedonthethreeindustrieslistedcompaniesfrom2004to2
6、013asthesampledata,andmadehypothesisaccordingtothetheoreticalanalysisinthefirststep,thenconductedempiricaltestsbetweendebtfinancingstructureandcompanyoperatingperformancebasedondifferentindustriesthroughFtest,B-Ptest,Hausmantestandestablishpaneldatamodels,we
7、drewthefollowingconclusions:(1)Whentheoveralllevelofdebtistoohigh,itwillhasanegativeeffectonthecompany'soperatingperformance.(2)Short-termdebtratiohasapositiveeffectonfirmperformance,thelong-termdebtratiohasnegativeeffectoncorporateperformance,themaximumdegr
8、eeoftheinfluenceiselectricpowerindustry,inthewholesaleandIII华侨大学硕士学位论文retailindustryandtransportationindustryarebasicallythesame.(3)Theproportionofbankloanshasanegativeeffectoncorporateperforman
