The Impact of Capital Structure and Debt Maturity Structure on SMEs' Performance

摘要

This paper takes listed company data of small and medium-sized non-financial ones from 2007to 2008 as samples to emp irically test the impact of capital structure and debt maturity structure on firm's performance. The study finds:(1) short-term debt ratio has significantly negative relationship with the corporate performance, the lower the proportion of short-term liabilities,the better the firm's performance. This contradicts with the classical proxy theory. (2) The best capital structure of China's small and medium-sized listed companies is instable,specifically, in 2007 the best capital structure did not exist, while in 2008 it existed.(3) When the best capital structure exists, before achieving the best capital structure, the corporate performance is positive correlation with the capital structure, and after that,the relationship is negative.