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

Numerous scholars have done a great deal theory and empirical research of capital structure. After read most literatures, we can find that most articles regard kinds of debt as homogeneity, and most of them come from the gross of financing structure (namely capital structure research). In fact, enterprises debts are different in their debt financing structure, and according to the theory of capital structure, the research on debt financing structure is immature. Finally, it's essential to research the debt structure in Chinese listed companies.The dissertation first analyzes the content of debt structure and Chinese debt market environment. Then combine with hypothesis theoretically such as agency cost hypothesis, information asymmetry hypothesis and tax hypothesis. Finally, the dissertation from two aspects including debt maturity structure and debt priority structure to exam the determinants of debt structure of Chinese listed companies. The empirical research to the debt maturity structure of Chinese listed companies applies three means of cross-sectional regression, pooled regression and fixation effect regression, and the empirical research to the debt priority structure of Chinese listed companies exerts cross-sectional regression and pooled regression. The empirical evidence on factors influencing the debt maturity structure is that enterprise growth opportunity, enterprise size and asset maturity, but there isn't the specific results about cash flow, enterprise quality, abnormal information, effective tax rate and enterprise value fluctuation. The research results support the agency cost hypothesis partly, and don't support the information asymmetry hypothesis and the tax hypothesis. The empirical evidence on factors influencing the debt priority structure in Chinese listed companies is that enterprise size and debt scale influence, but there isn't the specific results about enterprise growth opportunity, enterprise quality, abnormal information, effective tax rate. The research results doesn't support the agency cost hypothesis, the information asymmetry hypothesis, nor the tax hypothesis. Finally, according to the results about empirical research, basis on the principle of holding keystone and having a definite object in view, we put forward countermeasures and recommendations to optimize debt structure of Chinese listed companies.