Research on the Impact of Debt Structure on Operational Performance of Listed Manufacturing Companies

Résumé fourni par la source

The rational allocation of capital structure is the core of corporate governance and financial decision-making, especially for manufacturing enterprises, which are significantly impacted. As a pillar of the national economy, the manufacturing sector is particularly sensitive to the rationality of its debt structure. Currently, the manufacturing industry faces increasing financing constraints, and issues with debt structure hinder the improvement of operational performance and high-quality development. A systematic analysis of the debt structure of listed manufacturing companies and its impact on operating performance is crucial for improving capital structure theory and promoting the upgrading of the manufacturing industry. This study uses data from Chinese listed manufacturing companies between 2012 and 2024 to empirically analyze the relationship between debt structure and operating performance. The results show that the asset-liability ratio has a significant negative impact on operating performance; the impact of the current liability ratio on operating performance is not significant; and the interest-bearing debt ratio is significantly negatively correlated with operating performance.