摘 要
融资难问题一直是影响我国数量众多的民营企业发展的重要因素之一。造成
民营企业融资难的原因有很多，比如我国银行贷款机制不完善、股票市场主要为
大型国有企业服务，多层次资本市场建设不成熟等等。然而，导致我国民营企业
融资难的一个重要原因还在于，债务融资发展严重滞后，很多人没有认识到债务
融资的作用，尤其是债务融资对于提升公司价值及改善公司治理的作用。因此，
将我国民营企业的债务融资问题作为一个课题进行研究，探索我国民营企业债务
融资结构的进一步完善，这对发展企业融资理论，缓解民营企业摆脱融资难问题，
切实改善我国民营企业的融资环境，具有较强的理论意义和现实意义

为了更加深入地对债务融资结构和公司业绩的关系进行研究，本文综合运用
了包括代理成本理论、权衡理论、激励理论、信息传递理论以及控制权理论等多
种西方经济学、管理学理论，并以这些理论为基础提出了若干研究假设。在此基
础上，利用我国民营上市公司 2008 年到 2011 年的四年的连续数据，对理论分析
进行实证检验，并且在论文的最后，提出了相关建议，以期为我国民营企业解决
融资难问题提供理论支持与政策参考

关键词：民营上市公司；债务融资；融资结构
Abstract
Financing difficulty is always the biggest obstacle restricting the development of
private enterprises in our country. Financing difficulty of private enterprises caused by
many reasons, such as bank loan mechanism imperfect, the stock market in China
mainly provide service for large state-owned enterprises, multi-level capital market is
not mature and so on. However, one important reason caused China's private
enterprises financing difficulties is that a lot of people don't realize the role of debt
financing, especially the effect of corporate governance of debt financing in improving
the value of the company. Therefore, the study of private corporate debt financing,
explore the structure optimization of debt financing for private enterprises can do good
to the perfection of private enterprise financing theory, improving the financing
environment of private enterprises, and has strong practical significance on making
private enterprises out of financing difficulties.
In order to study the relationship between debt financing structure and corporate
performance, this paper synthetically use agency theory, balance theory, incentive
theory, information theory and control theory and related theory to analyzed the
relationship and put forward the research hypothesis. On the basis of this, the paper use
the four years data of China's private listed companies from 2008 to 2011, to make an
empirical test for theoretical analysis. At the end of the paper, this paper puts forward
some relevant suggestions, in order to solve the financing difficulty for private
enterprises in our country and provide theoretical support and reference for the policy.
Key words: private listed companies; debt financing; financing structure