The Research On The Factors Of The Debt Maturity Structure In Chinese Listed Companies

Corporate financing decision is an important financial decision. It is mainly divided into equity financing and debt financing. When corporate wants to debt financing, it has to consider the debt maturity structure and so on. Corporate debt maturity structure is an important part of the debt contracts. Researches on the debt maturity structure began in the 1970s, and the researchers have got significant achievements. It forms agency cost hypothesis theory,signaling hypothesis theory and tax hypothesis theory . It has been identified .many determinants of the debt maturity structure such as growth, size and tax rate. However, the study on the debt maturity structure is developed later, and the related theoretical research is less.In this paper, the author combines theoretical research and empirical research method, and analyzes the factors for choosing the debt maturity of the corporate. Then identify the relationship between the debt maturity structure and the factors. All the above is to provide a reference for business decision making. In this paper, the author describes the theoretical basis of the debt maturity structure. Based on the environment of the actual system, the author finds the factors of the debt maturity structure from industry factors, company features factors and company governance structure factors, and then proposes the supposes. Choose the industry data between the year of 2007 and 2009 for Chinese listed companies in Shanghai stock exchange to have a research. Through the analysis of the research, we can obtain that industry factors are very important for choosing the debt maturity structure, and the debt maturity structure is distinct between different industries. Size, liquidity and asset maturity structure impact on the debt structure of Chinese listed companies significantly. Growth, enterprise quality, degree of information asymmetry and managers stake impact on the debt maturity structure of Chinese listed companies insignificantly. The main reason is the differences of the system between abroad and domestic. Finally, summarize the results of this study from the macroscopic and microcosmic aspects, then propose policy recommendations and point out the limitations of this study.