| Debt financing is one of the most important financing methods for companies.The structure of debt maturity is one of the important problems faced by debt financing of the corporate.At present,China's economic development has entered a new stage.Financial Supply-side Structural Reform is being advanced.Using finance to support the real economy has become increasingly important.In 2016,the state put forward the plan of,Three Cuts,One Drop and One Supplement".Since then,"deleveraging" has become the main problem to be solved by Financial Supply-side Structural Reform and the main problem to be solved in the Financial practice of the Company.In practice,the debt ratio of enterprises too high,and the debt burden is quite heavy.However,they are only some superficial phenomenon.There are many important obstacles to the sustainable development of enterprises for a long time.For example,some companies have unreasonable debt maturity structures.In addition,there are some enterprises that take long-term occupation of short-term borrowing.These problems have a serious negative impact on the sustainable development of enterprises.In July 2019,a meeting of the Political Bureau of the CPC Central Committee proposed,"that we should continue to guide financial institutions to increase their support for med-term and long-term financing for manufacturing and private enterprises",and raise the debt maturity structure issue to the national level.These problems have become the major practical problems of deepening the reform of the financial supply side.In the study of debt matur:ity structure,they are existing at present.These studies can be summarized into two main aspects,including the study on the influence factors of the debt maturity structure and the impact on the debt maturity structure.These studies,which are aimed at influencing factors of debt maturity structure,clearly explain the formation reasons of corporate debt maturity structure from macro and micro perspectives.Research on the impact effect of debt maturity structure mainly focuses on the impact of debt maturity structure in the following aspects,including corporate governance effect,financial performance,investment in R&D,the efficiency of investment,innovation output efficiency,etc.As for the research results on the debt maturity structure which are now available,do not pay attention to the impact of the debt maturity structure on the long-term sustainable development of the real economy.Moreover,they do not discuss the internal and external governance and other factors of the company under the unified logic.They are more essential factors,the impact on the sustainable development of the company and similar issues,through the debt maturity structure mechanism.Therefore,in the existing research results,the significance of debt maturity structure in Financial Supply-side Structural Reform is not fully discussed.Under such a background,it is of theoretical and practical significance to deeply study the supporting effect,function mechanism and influencing factors of the structure of debt maturity on the real economy.This paper is based on various theories,including the influencing factors of debt maturity structure,the influencing effects of debt maturity structure,and the sustainable development of the company.This paper takes China Shanghai and Shenzhen A-share Listed Company as the research sample.In the study,the author systematically analyzes the impact of debt maturity structure on the sustainable development of the company,its influence mechanism and its heterogeneity.At the same time,the author also investigates the effect of internal and external governance measures on the above effects.Firstly,this paper summarizes the existing research results in our country and abroad.These research results are related to the sustainable development of companies,the influencing factors of debt maturity structure and the influence effects of debt maturity structure.This paper analyzes and comments on the connection and difference between the existing research and this paper,and defines the research topic of this paper.Secondly,this paper makes theoretical analysis and empirical research on the impact of debt maturity structure on the sustainable development of companies.At the same time,this paper analyzes and verifies the three influencing mechanisms of debt maturity structure to promote the sustainable development of the company,through promoting enterprise R&D expenditure,reducing balance sheet mismatching,improving enterprise risk bearing capacity and so on.Thirdly,based on the above research,this paper further investigates the heterogeneous impact of debt maturity structure on the sustainable development of companies.This paper confirms that in highly indebted companies,scientific and technological innovation companies,asset-oriented companies,high-risk companies,maturity structure has a more significant impact on the sustainable development of the company.Fourthly,this paper analyzes and investigates the influence of various internal and external governance measures on the relationship between corporate debt maturity structure and corporate sustainable development.In addition,this paper proves that effective corporate internal and external governance can strengthen the positive impact of debt maturity structure on corporate sustainable development.Finally,this paper summarizes the above theoretical analysis and empirical research results,and provides the conclusion of this paper.It is worth noting that this paper puts forward important suggestions about the policies based on the main research conclusions.The main research conclusions of this paper are as follows:1.Debt maturity structure has a positive impact on the sustainable development of the company.The theoretical analysis and empirical research results of this paper shows that the longer the debt maturity structure is,the more obvious the positive promotion effect is on the sustainable development of the company.In this study,we controlled the endogenity,considered possible errors in sample selection and missing variables,and considered a variety of robustness testing strategies.In the end,the conclusion was not affected.2.The impact of debt maturity structure on the sustainable development level of a company is exerted by three main mechanisms:R&D expenditure,balance sheet mismatch,risk taking.The theoretical analysis and empirical study of this paper show that the extension of corporate debt maturity structure can have a positive impact in the following aspects,including promoting the improvement of the company's R&D expenditure level,alleviating the mismatching of the balance sheet of the company and improving risk bearing capacity of the company.Moreover,the extensiort of the debt maturity structure effectively promotes the sustainable development of the company through the above three influence mechanisms.3.The impact of debt maturity structure on the sustainable development level of the company and the mechanism of action will have different impacts in different enterprises,if these enterprises have different debt levels,different innovation-oriented strategies,different asset structures and different risk levels.The research of this paper finds that,as many indebted enterprises are more dependent on debt capital,the extension of debt maturity structure can reduce their liquidity risk and relieve the debt repayment pressvure more effectively,In this way,they can have a more significant contribution to the sustainable development of the company.Science and technology innovation companies tend to need larger funding and are more constrained in financing.The extension of debt maturity structure can alleviate the constraint of financing on the company more effectively,thus having a more positive impact on the sustainable development of the company.Asset-heavy enterprises are more prone to balance sheet mismatches.The extension of debt maturity structure can help enterprises relieve the misallocation of assets and liabilities and liquidity pressure,thus promoting their sustainable development more effectively.Companies with higher risk levels have greater uncertainty about their future cash flows.These companies are more vulnerable to financial distress.Longer maturity structures can provide companies with more reliable debt capital.In addition,longer debt maturity structure can also improve the:risk bearing capacity of enterprises,thus improving their sustainable development level.4.EfFective corporate internal governance measures can promote the sustainable development of the company by extending the debt maturity structure of the company.Through theoretical analysis and empirical research,this paper finds that corporate internal governance mechanism,including equity checks and balances,board independence,institutional investors,etc.,can effectively restrain internal agency conflicts and improve the confidence of external creditors,so as to promote the sustainable development of the company by extending the debt maturity structure.Moreover,under the condition of higher internal governance level,debt maturity structure plays a more significant role in the sustainable development of the company.5.The improvement of the external governance level of the company can also effectively strengthen the role of debt maturity structure in promoting the sustainable development of the company.Through theoretical analysis and empirical research,our research results show that the improvement of the marketization level of the company.s location and the improvement of the legalization level of the company's location,as well as the high quality extermal audit supervision,improve the external governance environment,also improve the level of the creditor protection,at the same time can promote the debt maturity structure on corporate sustainable development of a positive impact.Moreover,under the condition of higher external governance level,the influence mechanism of debt maturity structure on the sustainable development of the company is more obviousCompared with the existing literature,this paper may have the following innovations:First,this paper systematically analyzes and reveals the relationship between debt maturity structure and corporate sustainable development.Through the study,we found and confirmed the positive correlation between the extension of debt maturity structure and the sustainable development of the company.In theory,this study expands the research horizon of debt maturity structure and corporate sustainable development.In addition,this study has greatly enriched the research literature on the impact of debt maturity structure.Second,this paper makes an in-depth investigation into the ways and mechanisms of the impact of debt maturity structure on the sustainable development of companies,as well as the heterogeneous impact of debt maturity structure on the sustainable development of companies of different types.Theoretically,it deepens the understanding of the impact of debt maturity structure on the capital structure and business activities of modem companies and enriches the research literature on the capital structure and financial decision of enterprises.Thirdly,this paper theoretically and effectively analyzes the positive impact of the internal and external governance mechanisms of corporations on the sustainable development of corporations,exactly,by improving debt maturity structure.In addition,this paper tests the positive influence of effective corporate internal and external governance mechanism on corporate sustainable development by improving debt maturity structure from an empirical perspective.Therefore,this paper theoretically adds new evidence to promote sustainable development of companies by improving corporate governance.At the same time,it expands the research horizon of corporate governance issues,and enriches the research literature on related issues.Fourthly,this paper draws an important conclusion,namely,on the relationship between the impact of debt maturity structure on corporate sustainable development and the strengthening of internal and external corporate governance mechanism.This conclusion is of great theoretical and practical significance for deepening the reform of financial supply side,accelerating the construction of internal and external governance and improving the decision-making of internal capital structure. |
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