Research On The Determinants Of Listed Companies' Debt Maturity Structure

This dissertation takes western corporate debt maturity structure theories that include agency cost hypothesis, signal hypothesis, tax hypothesis, and maturity matching hypothesis as theoretical basis. Using the state holding listed companies'market and finance data between 2003 and 2007 in main stock market, we checks whether western corporate debt maturity structure theories to be established in China from the view of empirical examination. This paper documents the determinants of companies'debt maturity and analyzes external environment of companies'debt maturity strategic from institutional view. The results of empirical examination show that short-term characteristic of listed companies'debt maturity structure is obvious. Our evidence offers strong support for signal hypothesis and maturity matching hypothesis. We find little evidence of agency cost hypothesis. However, there is no support that tax effects debt maturity. And in our article, independent variables that contains the scale of companies, state holding share proportion, P/E ratio, asset maturity, collateralize percentage, financial leverage play a important role to elucidate listed companies'debt maturity structure. In addition, on the aspect of institutional environment that listed companies confront, institution facts including the development of corporate debt market, deficiencies of corporate governance structure, the lack of law safeguard and social credibility, current bank credit system restrict the companies debt maturity structure.