A Study On The Correlation Between Accounts Receivable Management And Debt Maturity Structure Of Listed Companies In China

The ratio of long-term debt to total debt is the index of debt maturity structure. Around the influencing factors of debt maturity structure,there are several theories about its influencing factors by now,such as The Agency Cost Hypothesis,The Asymmetric Information Hypothesis,The Tax Hypothesis,The Maturity Matching Principle,and so on.On the other hand,as short-term right of creditor,management of accounts receivable is a part of financial management,which must affect the choices of debt structure.This paper will try to prove the management of accounts receivable to be an influencing factor of debt maturity structure,making use of the manufacturing listed companies as the samples in this research.The independent variables are turnover rate, the total of accounts receivable,the ratio of accounts receivable to revenue,and the control variables are the total assets,the mortgage of tangible assets,etc.Then building a model and adopting multiple linear regression in doing the empirical tests. The end conclusions will be the accounts receivable turnover have positive correlation with debt maturity and the size of accounts receivable have negative correlation with debt maturity.These conclusions agree with The Asymmetric Information Hypothesis and The Maturity Matching Principle,but Free Cash Flow Theory can not explain this specific problem on debt maturity structure of listed companies in our country.