The Empirical Analysis Of Government Influence On Listed Company's Debt Maturity Structure

As a main part of corporate financing structure theory, debt maturity structure theory mainly studies the optimization of the long-term debt rate and short-term debt rate. In 1970s', the economists began to study the debt maturity structure. By now, there has been a great deal of debt maturity structure Mic-literature. And contracting-cost hypotheses, signaling hypotheses, tax hypotheses and maturity matching hypotheses (also called Immunization hypothesis)have been well-known. The effects of institutions have been realized in recent years. The institutions associated with property rights such as the nature of property rights of bank and political-connections have important effects on the debting of the bank. In the later 1970s', the difference of regional maket development in China offers us an opportunity to research how government behavior effects the debt maturity structure and capital structure of listed company.On the basis of listed company's empirical data, this paper investigates the effects of regional government influence on corporate debt maturity and capital sructure of this region. We find that under the control of the effects of the corporate character, there is notable difference in debt maturity structure. Government influence is highly correlated with normal corporate debt maturity structure, the more degree of government influence, the company with the relation of government can get the loans from the bank and the higher of corporate long-term loans proportion. When firms fall into financial distress, Government influence is more highly correlated with corporate debt maturity structure and capital structure.