Based on the principle of golden section theory,this article analyzes the ratio of an enterprise s debt and equity in its assets and the ratio of short-term debt and long-term debt in its total debt.

Some theorists hold that short-term debt is an important factor that causes international financial crisis and the policy of restricting or banning the short-term capital by imposing taxes on its influx should be adopted to guard against the financial crisis.

Short-term debts of the former year has positive influence on performance,but debts of this year has a negative influence.

The analysis reveals a phenomenon that the listed companies prefer to replace the long-term debt financing with short-term debt and stock financing due to the effectiveness limitation of bankruptcy law in China and the substi.

It shows that debt maturity has a signaling function at the occurrence of separating equilibrium under the condition of adverse selection,which is to say,good firms issue short-term debt to signal his quality and bad firms have to choose to issue long-term debt.

In order to achieve the balance between profit and risk, to realize the aim of bringing financial gains to the maximum level for the enterprise owners, it is necessary to analyse current assets and current liabilities with an attempt to determine the best-size of working capital according to economic theory and models.