The Correlation Study Between Characteristics Of Listed Companies And Corporate Debt Maturity Structure

Since MM theory was published, the financing problem of research has been lasted for nearly half a century, however many problems still not be interpreted. In the financing policy research, a lot of financial documents have been springing up, focus increasingly in debt financing of basic lever choose to the financing policy as the structure of the debt. The structure of the debt problem of research in our country deserves to study, the research in the international community is also a relatively new subject. Debt financing is an important financial decisions. Hence the choice of the structure will be an important part of the contract, it stipulated that the creditors and debts human rights and obligations. The structure of debt is also an important aspect of the value of the company's financial documents. So it is necessary to study the nature of the debt structure, factors influencing debt term structural and its results.The main purpose of the study is to analyze what factors affect the structure of the listed company's debt. So far, the theory of debt contracts in the structure were almost from western developed countries, because they have mature capital market and legal mechanisms. However, China has its own characteristics, whether the theory from western developed countries adaptive to China is still needed to make a question mark. According to the study of our national scholar, compared chinese with western countries, debt maturity structure of the high short-term debt, long-term debt is low, many listed companies' long-term debt is close to 0, there exists a strong preference for short-term debt financing. In sharp contrast, U.S. listed the composition of corporate debt maturity structure, the repayment period more than 1 year,2 years,3 years,4 years and 5 years respectively, the mean proportion of total debt 71.8%,60.9%,51.7%,43.7% and 36.6%. The main reason for this situation is behind China's listed companies there is a special system environment, such as ownership structure is rather special (and many companies are listed by the state-owned enterprises were restructured, and its still in the fuzzy state of property rights), stock liquidity is poor, Legal protection of investors is weak, slow development of capital markets, corporate governance deficiencies and otherissues.Therefore, in the context of sui generis systems of China to carry out contract of corporate debt maturity structure factors has important theoretical and applied research. Specifically:the background light of China and the debt maturity structure of the system model, deduced from the theory and reveal the firm characteristics (such as growth opportunities, the effective tax rate, duration of assets, company size) influence the choice of debt maturity structure, then an empirical model based on prediction, screening empirical research samples to prove whether the previous prediction is consistent, like after the test model design and data found to have accurate and in-depth insights. Finally, to sum up the conclusions of the study, and the optimization of the debt maturity structure of listed companies to make some policy recommendations.The innovation of this paper is that characteristics of Chinese listed companies and the relevance of debt maturity structure of the system when combined with the background of China's special analysis to explain the choice of debt maturity structure provide a realistic background, the reader is conducive to a better understanding of this writing intentions.