Research On Determinants For Debt Maturity Structure Of Listed Companies In China

Debt Maturity Structure directly affects the debt repayment plan, the debt cost, the investment behavior and the risk that enterprises have to undertake. Existing literatures on financing structure mainly pay attention to the choice of equity financing method and debt financing method. Debt maturity structure is seldom investigated. This dissertation takes debt maturity structure as the research object, empirically analyzes the influencing factors of Chinese Listed Companies'debt maturity structure, and raises policy suggestions from two aspects including government and enterprises.The dissertation firstly summarizes the literature of debt maturity structure both at home and abroad in order to point out its present situation and existing problems. Then, after analysis of the theory of debt maturity structure and the theory of corporate governance, the dissertation puts forward the main factors affecting the debt maturity structure. Thirdly, four thousand eight hundred and forty effective samples from six hundred and five Chinese Listed Companies are tested in the model of influencing factors of Chinese Listed Companies'debt maturity structure. All of these Companies are listed after December 31, 2000 and the research period range from 2001 to 2008. In this model, stepwise regression method is applied.The results show that Chinese Listed Companies'debt level is low, debt structure is unreasonable, and the proportion of long-term debt is low. The main determinants of Chinese Listed Companies'debt maturity structure are growth opportunities, enterprise size, free cash flow, financial leverage, regulation, enterprise quality, asset maturity, ownership concentration and state share proportion. According to the results, the agency theory and the immunization theory are supported by empirical evidence; the information asymmetry theory is partially supported because profitability is not passed by test; the tax theory is not supported. Except for managerial ownership, the other two variables picked up from the perspective of corporate governance such as ownership concentration and state share proportion are significant. In the end of the dissertation, some policy suggestions are presented and future research prospects are given according to the result.