Ownership Structure' Influence On Debt Maturity Choice Of Listed Companies

Corporate finance decision-making theory has occupied a very important position as the subject of eternity in the financial area, Many scholars have made an in-depth study, and have made great progress. Foreign financial theory studies have shown that improper debt maturity will cause a financial crisis of enterprises; most important of all, it is possible to cause a country's financial security. In China, there is a huge difference in the degree of regional markets, which having a significant impact on the level of corporate governance and debt implementation mechanisms. Absence of state-owned ownership percentage of people which making the shareholders binding mechanism can not fully play its role, So more needs to be founded on the basis of debt-constrained governance structure. There is a meaningful topics for studying ownership structure and debt maturity structure.This paper systematically reviewes the west influencing factors on the debt maturity structure on the basis of the empirical literature, using standardized analysis and the method of empirical analysis to study the relation of ownership structure and debt maturity structure, and to study the relationship of the largest shareholder, minority shareholders, the ultimate controller and debt maturity structure under the different process of marketization. The article have choosed the company data sample of 2003-2008 which is listed at shanghai and Shenzhen, used the method of describes,means comparison,multianalysis to analyse ownership structure how to affect the debt maturity structure. The result is:(1)The first holder and debt maturity structure have the negative correlations.(2) Minority shareholders and debt maturity structure have the positive correlations. (3)The first holder,minority shareholders have more obviously correlations in the sample of bad governance environment.(4) State-owned shares and debt maturity structure have the negative correlations. (5) The ultimate controller and debt maturity structure have the insignificant correlations. However, In different governance environment, the relation of the ultimate controller and debt maturity structure is different. (6) Outstanding shares and debt maturity structure have the negative correlations. (7) Managers'shares and debt maturity structure have the insignificant correlations.