The Research On The Factors Of Debt Maturity Structure

From the existed literatures we can find that most of them look all kinds of debt homogenous and hereby investigate how a company should choose between debt and equity to maximize the company's value.In fact,when a company wants to issue debt,it should determine not only the magnitude but also the maturity,seniority,mortgage,convertibility and callability,etc.The literatures overseas about debt maturity structure began at 1970s and were much later than typical capital structure research.The domestic literatures are even later and can be counted on one's fingers.Therefore,the research of debt maturity structure has academic and practical meaning.Firstly,the dissertation will apply descriptive statistics,parametric and non-parametric test to systematically analyse the features of Chinese listed companies'debt financing structure from the overall features of the debt financing structure,regional structure,industry characteristics, timing changes in research track.Secondly,this dissertation will estimate a single-equation model on debt maturity using OLS.Thirdly,the dissertation will examine the determinants of corporate debt maturity while taking into account the interdependent relation between maturity and leverage.The dissertation will do this by estimating a simultaneous-equations model on debt maturity and leverage for a sample of Chinese listed companies.This dissertation will examine how these factors affecting Chinese listed companies' debt maturity choice.According to the analysis of the debt maturity of Chinese listed companies,I find that: (1) Single-equation OLS regression model results confirm the research hypothesis H1,H2,H5, H6 and H7,that is,the hypothesis of agency cost,duration matching hypothesis and information asymmetry hypothesis are supported.(2) Simultaneous equations model of the test results show that the debt maturity and its growth is no longer a significant relationship.This means that the single-equation model to obtain the assumption of under-investment in the simultaneous equations of two-stage least-squares regression does not set up.This means that the opportunity for the company's growth occurred in response to changes in financial leverage may be instead of debt maturity,Single-equation model may be over-estimated the growth impact to debt maturity, And thus distorts the role of the size of growth opportunities and significant degree.Therefore do not support the agency cost hypothesis.