The Interaction Study Of Corporate Governance And Debt Maturity Structure

Debt maturity structure and corporate governance is two crucial issues of modern corporate theory and practice, the different structure of the debt have different function of corporate governance, short-term liabilities can reduce information asymmetry, reduce agency costs, be transmission of the company's growth signal, restrain managers, prevent problems of inadequate investment and so on, long-term debt could reduce the operators to operate"Empire"opportunities. And good corporate governance can let managers to make a reasonable decision-making based on the company's characteristics and to protect the interests of creditors. And the combined effect max the value of the company.At this stage of our corporate governance and debt maturity structure, whether in practice or in theory there are insufficient research, and as China's share reform of the basic completion of the victory, as well as the corporate bond market will gradually open up, corporate governance and the bond market has been taken very seriously. The study of the relationship between corporate governance and debt maturity structure both in theory and practice has a lot of sense.For the complexity of this article, the study is based on the theory of modern corporate theory in order to contract theory, such as the structure of the financing theory, the protection of investor theory and so on, and using the research methods of standardized research and empirical study combination, qualitative analysis and quantitative analysis combination. First of all, on the whole, simple analysis of the financial liabilities of the corporate governance function, pointed out that the effect of the financing's corporate governance can be divided into the overall effect of corporate governance and the different types of corporate governance effect; Second, on the support of contract theory, use the mathematical model, taking into account the company to focus on social values, to study the debt maturity structure of corporate governance, as well as the duration of the debt on the project's quality screening function; And then based on the theory of the protection of investor and capital structure, we use the empirical study method to research the relationship between debt maturity and the internal management of a major shareholding, the independent director system and the management of the company's pay structure. The results show that the system of independent directors and management incentive mechanism can significantly affect the debt maturity decision-making: the greater the proportion of independent directors and the more the management remuneration, the longer the company's debt maturity is. Finally based on the particular national conditions of China, pointed out that the perfect corporate governance can not be ignored in the process of the company's debt maturity structure, and scientific and reasonable arrangement of the debt structure must also be standardized corporate governance model as a basis, and has made a number of policies related to the study.