Research on the Relationship between Debt Financing and Corporate Growth of Logistics Listed Companies: The Intermediary Role based on Executive Incentives

Zhaoyun Yang

doi:10.62051/ijgem.v10n5.14

Authors

Zhaoyun Yang

DOI:

https://doi.org/10.62051/ijgem.v10n5.14

Keywords:

Logistics listed companies, Debt financing, Executive incentives, Corporate growth, Intermediary role, Structural equation model

Abstract

Taking A-share logistics listed companies on the Shanghai and Shenzhen stock markets from 2020 to 2025 as the research object, this study empirically analyzes the impact of debt financing on corporate growth using structural equation modeling (SEM) and mediation effects. The results indicate that debt financing is significantly negatively correlated with corporate growth; Executive incentives have a significant positive causal relationship with corporate growth, while debt financing has a significant negative correlation with executive incentives, and debt financing can indirectly affect corporate growth through the mediating effect of executive incentives. The direct effect of debt financing on corporate growth is -0.277, the mediating effect is -0.041, and the total effect is -0.318.

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