A Study On Macro Factors Influencing Debt Maturity Structure Of Listed Company Based On The Economic Reform

Since the establishment of MM theory, the research on capital structure of enterprise has been core question to financial theory. And with development of the researches relevant to capital structure, its contents have become more and more concrete, including maturity structure of debt. The theories of debt maturity structure are to explain what kind of debt maturity would maximize the corporate value, and to find what factors can influent debt maturity of enterprises. Among all these theories, agency cost hypothesis, information asymmetry hypotheses, tax hypotheses, maturity-matching theory and floatation cost hypothesis are the most typical ones.The fact that China is in a process of economic system reform, determine that Chinese listed companies and their environment are different from that of western countries. So, the research achievements on debt maturity structure, originated in the companies of western countries, perhaps are not suitable. Rooted in the particular period of economic system reform in our country, this thesis analyzes theoretically how the macroscopic economic factors—the indexes inflation, growth rate of gross domestic product,money supply and macro-tax burden are chosen—influence debt maturity structure of microscopic enterprise, and then provides empirical proofs based on the factual economic data from the year 1999 to 2005. The results demonstrate that the macro-environment does a great impact on the debt maturity structure: the factors inflation rate, growth rate of gross domestic product, money supply separately has negative interrelationships to debt maturity, and macro-tax burden is positively correlated to that, and all the correlations are remarkable. So we get the conclusion that in our country's reform period, the debt maturity structure of enterprise can be influenced notably by macro-economic factors.