Impact of Debt Structure on Growth of Private Listed Enterprises

Abstract

Since China's reform and opening up, private enterprises have significantly contributed to the country's economic growth. Debt financing is a key method for these enterprises to secure funds and manage operations. However, most studies focus on overall debt levels rather than the specifics of debt structure, such as maturity and sources. This paper examines how debt structure impacts the growth of private listed companies in China, using financial data from 2017 to 2019. It treats enterprise growth as the dependent variable and debt maturity structure as the independent variable, aiming to understand the influence of debt composition on business growth.