Research on the Effects of Direct Financing Structure on Listed Companies' Business Performance——Take China's Mining Listed Companies as Example

摘要

This paper selects 41 China's mining listed companies listed from the fourth quarter of 2007 to the third quarter of 2010 as the research sample. It makes an empirical analysis on the relationship between direct financing structure of these listed companies and their business performance. In this paper,direct financing is divided into private direct debt financing,public direct debt financing and equity financing. It analyzes the relationship between nine indicators such as accounts payable and return on total assets which represents the performance of a company. It is founded that China's mining listed companies are good at making use of equity financing while debt financing does not play a positive role in these companies' business performance. At the same time,it is founded that payroll payable is unfavorable for the improvement of companies' business performance.