Study On The Relationship Between Growth And Debt Maturity Structure In Listed Companies

Choose the right company's debt maturity structure is the core theory of corporate finance issues. Especially for China' small and medium enterprises ,how to evaluate the company's growth and how to find the best of the debt maturity structure is the valuable study. This article based on the agent-cost theory , signal-transferring theory , tax based theory and maturity-matching theory . The research use the small and medium-sized board company's financial data and the factor Analysis to build a growth evaluation system. The use of linear regression model regression analyze the factors that affect the company's debt maturity structure and test the theory. The empirical results validate the debt maturity structure theory. Growth and the debt maturity structure is negative correlation ,but it is not significant relationship between them. The assets duration,size,non-debt tax shields, Cash-to-income ratio, Current ratio is positive correlation with the debt maturity structure. The empirical results support the debt maturity structure theory. The reason of company do not choose more short-term debt is China's scarcity of long term debt finance. Only through building up credit system for companies and vigorously developing debt market to satisfy Chinese companies' long term financial demand,can companies reach the optimal debt term structure which is most suitable for their growth.