Optimization Analysis Of Debt Maturity Structure

The U.S. sub-prime crisis triggered by the global financial crisis has made us more aware of the bond market in the economic field the importance of the essence, the sub-prime crisis is also a long-term debt maturity organizations unreasonable performance. For enterprises, the scale of debts under certain there will always be available for different debt maturity structure of their choice. Different companies will have the maturity structure of debt finance costs, operational risks, liquidity, the use of binding generate different effects. Optimization of the debt maturity structure is beneficial to corporations, financial institutions, government and financial market stability and development.To date, scholars have theories of debt maturity structure of the research results have been fairly abundant. Article will highlight a representative of the debt maturity structure theory, including the cost of contract theory, signaling theory, tax theory and duration of the matching theory.Debt maturity structure of the debt structure of a branch of the debt maturity structure of debt in the period from the perspective of debt into long-term debt and short-term debt, the ratio between them constitute the debt maturity structure. Content of the maturity structure of debt is a major risk, including debt and debt structure, cost structure, which is carrying out optimization analysis is to consider two main factors.Unreasonable debt maturity structure, form of expression are diverse, and its will affect the enterprise's financial position, operating results, cash flow, etc.; extremely unreasonable and even give rise to the debt maturity structure of corporate bankruptcy liquidation, and even lead to economic crisis. The main reasons are: the nature of the debt of various maturities unclear and there is no understanding of the impact of debt maturity structure of the various factors were analyzed.The theoretical circles acknowledged the debt maturity structure optimization criterion is that cost is the lowest risk under the risk of certain debt maturity structure or the lowest cost under the debt maturity structure, that is, the cost of the lowest risk of the debt maturity structure. Article will, through empirical analysis, model building to explore two aspects to study the optimal debt maturity structure of the standard to help companies achieve optimal maturity structure of debt.Since the debt maturity structure optimization of the system is well received by the external environmental constraints, but also by the characteristics of the enterprise itself impact on the maturity structure of debt conversion irrational measures and methods, the article take into account external conditions and internal source from the two areas to analyze.Article access certain research results at the same time, there also exist limitations. Such as: institutional change in the dependence of the system is difficult to consider; there is no systematic enterprise equity financing and debt financing combined consideration; empirical analysis of the data sample there must be some errors.