The Impact Of Corporate Governance On Debt Maturity Structure

When a company decide to get debt, it will also face forms of debt maturity, debt priority and a series of choices. Among them, the debt maturity structure of decision-making is the focus of thinking. Companies need to make a game between the short-term debt of binding commitment and the long-term debt which has lower liquidity risk, and then determine the debt maturity structure.Firstly, this paper overview the current situation of debt maturity structure with theory and empirical research. Secondly, based on China's capital market history, analyzes the characteristics of companies'debt maturity structure and formation. Finally, based on the theoretical analysis, this paper select the whole sample of Chinese listed companies in 2005-2008 years, and establish multiple regression model, try to give a empirical analysis about the affect of ownership structure and the personal characteristics of managers to debt maturity structure.We conclude the results of the empirical study as follows:①Status of Chinese debt maturity structure is influenced by the capital market development, the decision-making of debt maturity structure can not be discussed separately from the system background.②The ownership structure and debt maturity structure closely related, of which: the proportion of the largest shareholders and the stock dispersion equity is negative related to the debt maturity, which is positively related to equity balance.③Managers'shareholdings and age is negatively correlated with debt maturity. But the remuneration of managers, managers'education do not display a significant correlation with the debt maturity.Thus, this paper proposed the policy recommendations as:①Basis on the nontradable shares reform,try to establish a effective corporate governance structure.②Intensify training corporate bond market, and provid a wide range of financing channels.③Reduce the government intervention and make efforts to strengthen bank credit constraints.