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

Both of the theory of debt maturity structure and the theory of capital structure belong to the theory of financing structure, however ,when the theory of capital structure has obtained rich achievement, the theory of debt maturity structure is still here. Even the little research on the debt is almost about the scale of debt and the research on the structure of debt is limited. In fact, there is no theory for enterprises depend on when they finance. That is the meaning of this article. Western scholars'research on this region started in the early age and had obtained many achievements, while researches in our country has just start and is mainly about the examination of the conclusions in west countries. Are the conclusions can be used in China? Is there any else factors affect the debt maturity structure in China?This article first analyzes the factors of debt maturity structure of Chinese listed company with the theory of debt maturity structure and the actual condition in our country, including the difference in local distribution, profession factors and company characteristic factors. Then, the paper analyzes 434 companies'financial data from 2000 to 2005 totally 2604 sample to exam the factors which were stated above. This part also explains the result. The result support contract-cost theory, asymmetric information theory and immunization theory pecking order theory, but there is no evidence for tax related hypothesis. At last, summarizes the research and proposes the limitation in this research which indicates the direction in the future research.The innovation in this paper is mainly about:①Besides hypothesized variable, the examination of double factors variance was also used to eliminate disturbance;②When examine the profession factors, the profession manufacture was divided into 10 kinds in order to further research;③In the research of company characteristic factors, a new variable were invited and even the variables that existed before has been instead by more suitable variable.