Empirical Research On Factors Influencing The Debt Struture In Chinese Listed Companies

The balance between debt financing and equity financing is the main objective of classical capital theory. The aim is to achieve the optimal financing ratio. In these studies, debts are considered to be the same, but in fact, enterprises are different in their debt financing structures. With the development of financial markets, enterprises can choose more and more debt financing structures. Whether foreign or domestic, there is not more in-depth study about the difference between debts. Now it is becoming a hot spot. This article is an empirical research on factors influencing the debt structure in Chinese listed companies. Through this empirical research, we can find out that in our country, whether agency cost hypothesis, information asymmetry hypothesis and tax hypothesis are applicable or not. Next we can find the factors which influence the debt structure of Chinese listed companies. In the last, we can make suitable system arrangements for the Chinese list companies.For the debts different styles, the article gives an introduction of the concept of classification. It points out the interaction between the corporate governance and debt financing structure. First, we can tell that corporate governance is on of the major factors which affect the debt structures. Then it explains the internship among debt maturity structure, debt placement structure and corporate governance. The article shows us the theories and empirical research on factors influencing the debt structure respectively. The conclusion support the agency cost hypothesis partly:asset maturity and debt maturity structure are positive correlation; firm size and debt maturity structure are positive correlation; but it does not support the negative correlation between growth opportunities and debt maturity structure. The article also does not support the information asymmetry hypothesis and the tax hypothesis. From the debt placement structure empirical research, we can get the conclusions that firm size and debt placement structure are negative correlation; mortgage index and debt placement structure are negative correlation, it does not support other hypothesizes. From the debt priority structure empirical, three hypothesizes are not proved. At last, based on the conclusions, the article raises some suggestions.