Research on the Relationship between Debt Financing and Operating Performance Based on Mediation of Diversification

摘要

Debt financing and diversification are two important characteristics of agricultural listed companies in China. This paper uses multiple linear regression model with financial data of 52 agricultural listed companies from 2009 to 2014 in Chinese Stock Exchanges to study the mediating effect of diversification on debt financing and operating performance. Results show that debt financing has a significantly negative impact on operating performance, and diversification plays a partial intermediary role between debt financing and operating performance.