公司债务的影响因素一直是资本市场研究的重点。由于营运资金在公司整个经营过程中占有很重要的地位,其管理水平与长期债务之间的关系十分重要。本文在对公司长期债务主要影响因素研究基础上,对这一问题进行了实证分析。研究发现,营运资金管理策略及其管理水平对公司整个经营过程中的长期债务融资均有显著影响。 The influencing factors of corporate debt have always been the focus of capital market research. Since working capital plays a very important role in the overall management of the company, the relationship between management level and long-term debt is very important. Based on the research of the main influencing factors of the company’s long-term debt, this paper makes an empirical analysis of this issue. The study found that the working capital management strategy and its management level have a significant impact on long-term debt financing throughout the course of the company’s business.