1、2800英文单词， 1.6万英文字符 ，中文 4900字 文献出处： Yazdanfar D , Peter hman. Debt financing and firm performance: an empirical study based on Swedish dataJ. Journal of Risk Finance, 2015, 16(1):102-118. Debt financing and firm performance: an empirical study based on Swedish data Darush Yazdanfar and Peter hman Abs
2、tract Purpose The purpose of this study is to examine the relationship between debt level and performance among small and medium-sized enterprises (SMEs). Design/methodology/approach Unlike the vast majority of previous research, this study uses three-stage least squares (3SLS) and fixed-effects mod
3、els to analyse a comprehensive, cross-sectoral sample of 15,897 Swedish SMEs operating in five industry sectors during the 2009-2012 period. Findings This study confirms that debt ratios, in terms of trade credit, short-term debt and long-term debt, negatively affect firm performance in terms of pro
4、fitability. As a high debt ratio seems to increase the agency costs and the risk of losing control of the firm, SME owners and managers tend to finance their businesses with equity capital to a fairly high degree. Practical implications As debt policy significantly influences firm performance, and t
5、hereby firm value and survival, SME owners and managers should focus on finding a satisfactory debt level. Originality/value To the authors best knowledge, this study is among the first to use 3SLS and fixed-effects models to analyse the relationship between debt level and firm performance. Moreover
6、, while most previous research has examined listed firms, this study highlights the issue among SMEs, which play a fundamental role in the economy. Keywords: Profitability, SMEs, Capital structure, Firm performance, Sweden, Debt policy 1. Introduction The relationship between debt financing and firm performance is a crucial and frequently discussed issue in managerial finance. Debt financing is associated with the trade-off between costs and gains (Harris and Raviv, 1991), and th
