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Volume 34 Issue 3
Aug.  2020
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Article Navigation >  Accounting and Economic Research  > 2020  >  34(3): 68-80
Guan Yiming, Fan Conglai, Zhang Gan. 2020. Firm Leverage Ratio, Medium and Long-Term Credit Support and Firm Performance. Accounting and Economic Research, 34(3): 68-80.
Citation: Guan Yiming, Fan Conglai, Zhang Gan. 2020. Firm Leverage Ratio, Medium and Long-Term Credit Support and Firm Performance. Accounting and Economic Research, 34(3): 68-80.
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Firm Leverage Ratio, Medium and Long-Term Credit Support and Firm Performance

  • 1.

    School of Finance, Nanjing University of Finance and Economics, Nanjing Jiangsu 210046, China

  • 2.

    Yangtze River Delta Economics and Social Development Research Center, Nanjing University, Nanjing Jiangsu 210093, China

  • 3.

    Development Planning Department, Bank of Nanjing, Nanjing Jiangsu 210008, China

  • Received Date: 2019-10-10
  • Publish Date: 2020-05-25
    Abstract
  • The term structure of credit has an important effect on firm performance. Strengthening the medium and long-term credit support for non-financial firms is an important means to improve firm performance. In this paper, firm leverage ratio is included in the analysis on the relationship between medium and long-term credit and firm performance. The results show that: Firstly, when the firm leverage ratio is in the middle and low range, medium and long-term credit can significantly improve firm performance, but when the leverage ratio is too high, the role of medium and long-term credit in improving firm performance is weakened, and in the middle and high leverage ratio range, providing medium and long-term credit support for private firms can better improve their performance. Secondly, as time goes on, the promoting effect of medium and long-term credit on firm performance weakens. Thirdly, at a certain level of leverage ratio, there is a significantly inverted U relationship between medium and long-term credit and firm performance, and this inverted U relationship is more significant in small and medium-sized firms, private firms and high-growth firms.

     

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