The Research Of The Debt Maturity Structure Of Chinese Listed Companies

From the process of the financing form and the corporate finance,most enterprises in China have experienced the financing transformation from the public finance dominant to the bank-baseddominant.The reform of financial system in 1992 and the reform of non-tradable shares in 2005 have a major impact on the company's financing behavior,which expand the company's financing way.However,any institutional change is path-dependent,and in the Chinese gradual process of institutional change,the companies face the high external uncertainty,which force them to be constantly concerned about the development opportunities and the impacts of the institutionalchange on the investment,the development strategy,the transaction costs and the business decision.During this period,the enterprises shown by the "investment hunger","expansion impulse","short-sighted behavior" etc irrational behaviors may be the rational choice to adapt to the external environment.Moreover,Chinese capital market development is uneven,the bond market is underdeveloped,and interest rates are regulated.There is a serious phenomenon of credit rationing in financial markets,while many companies are faced with lower real interest rates,less bankruptcy risk and higher agency costs,which may make Chinese companies's decision of debt maturity structure have their own characteristics and depart from the law revealed by the traditional financial theory.So it's of great practical significance to research the debt maturity structure in China and establish the debt maturity structure analysis framework to promote the standardization of the financing behavior of Chinese listed companies and optimize the debt maturity structure.In this paper,we use the incomplete contract theory and empirical research methods to study the debt maturity structure of listed companies systematically.The paper first analyze the impact of the company's characteristics and on China's listed companies' debt maturity structure,we build a theoretical model to analyze the company's debt maturity structure choice,then empirically analyze the impact of firm characteristics on the debt maturity structure both statically and dynamically combining data from listed companies in China.According to the theoretical analysis and empirical test the paper finds that the choice of the corporate debt maturity structure has many differences with the developed countries.The results of this study show that:company size,the proportion of fixed assets,income tax and leverage have significant positive impacts on the debt maturity structure;the volatility of the company asset value,the value of beta and the interest rate term structure have significant negative effects on the debt maturity structure;the stock market and macroeconomic fluctuations have no significant effect on the choice of debt maturity structure of Chinese listed companies;the financial crisis makes the listed companies extend the debt maturity;the underdeveloped financial markets constrain the choice of the corporate debt maturity structure;there is an optimal debt maturity goal in Chinese listed companies,and the company must bear the costs to adjust to the optimal debt maturity structure..Then,on the basis of firm characteristics impact on the choice of corporate debt maturity structure,the paper builds a model to analyze the effect of the management entrenchment and corporate governance on the debt maturity structure elaborately according to the incomplete contract theory,and does an empirical test using the data of Chinese listed companies.The results show that:the shareholder prefer short-term debt;when the management hold no share of the company,they prefer long-term debt,with the increasing of the management stake,they may prefer short-term debt;the higher the management private interests,which also means the greater the management entrenchment,the higher the incidence of the long-term debt;the better the internal corporate governance and institutional environment,the more cost the management obtain the private interests,thus the higher the incidence of the short-term debt.Finally,the paper further analyze the economic effect of the debt maturity structure theoretically,and adopts the dynamic panel data approach to carry out an in-depth study on the governance performance of debt maturity structure using samples of Chinese listed companies.Conclusion shows that:the debt maturity structure can reduce the asset substitution of executives and shareholders,and curb the overinvestment,thus contributes to the protection of the interests of investors;debt maturity structure and the combination with the equity structure can have an impact on corporate performance;debt maturity structure plays an important role in the governance performance,besides,along with the market-based reform,the governance effect of debt maturity structure has also been continuously improved.