Abstract: This paper which is based on the perspective of enterprise life-cycle, focuses on the data from 2007 to 2012 of listed manufacturing companies, analyses the effect of total debt level, debt duration and debt source to enterprise performance among various staged of life cycle. The research results show that: debt level,long-term debt and short-term debt are negatively correlated to enterprise performance in the whole life cycle and the extent of their correlation varies in different stages. In the whole life cycle of enterprise, the negative correlation between short-term debt and enterprise performance is stronger than the long-term debt to enterprise performance.In the stages of enterprise life cycle, the bank loan are negative effects on enterprise performance, commercial credit has a positive effect on enterprise performance only in the declining period, in the other two phases are all negative effects.

摘要： 本文基于企业生命周期视角，利用我国制造业上市公司2007年至2012年的数据，分别研究债务总体水平、债务期限结构和债务来源结构在企业生命周期的不同阶段对企业绩效的影响。研究结果表明：债务总体水平、短期借款与长期负债对企业绩效的影响在整个生命周期都呈现负相关关系，但影响程度在不同的阶段存在差异。在企业整个生命周期内，短期借款对企业绩效的负效应都强于长期负债。另外在企业生命周期的各个阶段，银行借款均对企业绩效产生负效应，商业信用仅在衰退期对企业绩效产生了正效应，在其他两个阶段均为负效应。