Analysis Of Corporation Debt Maturity Structure In Chinese Listed Companies Based On HLM Method

After the advent of MM theory from the 1950s, corporation finance decision-making theory had occupied been a very important position in the financial area which became a subject of enduring research scholars from different point of view in-depth researched and made a significant progress in this subject. In the corporate finance decision-making theory, scholars were more popular in the right amount of debt, but rarely involved a combination of debt term-the proportion of the long-term debt or the short-term debt in total liabilities. Even in the research of corporation debt maturity structure, the researchers had also focused on the enterprise internal factors. But in the social sciences, many research questions are always showing a multi-level structural features when individuals are in different groups, the study factors affecting not only with the intra-individual factors, as a variety of macro-level position of the groups also played an important role. This study also encountered such problems, the impact of debt maturity structure of the company's internal factors are often subject to external environment. In particular, like China, a vast land of the country and every level of economic development between regions are extremely uneven, this uneven levels of development, and company internal factors likely interact to jointly affect the option of company's debt maturity structure.In order to solve the above problems, this article use the current multi-linear statistical model approach that will affect the company's debt maturity structure of the micro-factors and region's macroeconomic factors into the model at the same time trying to explore the impact of internal factors on the company's debt maturity structure, as well as local economic development is how to affect the company's internal factors compound affect the debt maturity structure, the results show that:(1) company size, company profitability, the company's growth opportunities and company capital structure as the main micro-targets that affect the debt maturity structure of Chinese Listed Companies. Company size, the company's growth opportunities and company capital structure have a significant positive effect to corporation debt maturity structure. When these three index increases, the company will borrow more long-term increase in the maturity structure of corporate debt. Company profitability plays a significant negative impact of corporate debt maturity structure. (2) The internal factors include the company size, the company's growth opportunities and corporate capital structure of China's listed companies which impact the debt maturity structure also impact by the external environment factors. At different regions, company size, the company's growth opportunities and corporate capital structure have different affect on the debt maturity structure. Regional level of savings for each additional one unit, the company's growth opportunity for the impact of corporate debt maturity structure increases 0.0395 units, the company size on the impact of corporate debt maturity structure dropped 0.014 units; Region's per capita GDP for each additional unit, company size on the impact of corporate debt maturity structure to strengthen 0.0143 units; The level of investment in fixed assets for each additional one unit, the company's assets structure of corporate debt maturity structure of the impact of weakening 0.0649 units. The company's profitability to the impact of corporate debt maturity structure of a high degree of similarity among different regions, there is no significant difference.Finally, both the micro and macro perspective, proposes the policy recommendations to optimization structure of corporate financing debt.