Study On The Determinants Of Debt Maturity Structure Of Listed Companies In China

Debt maturity structure is an important area of modern financing theory research. Since Modigliani and Miller' research on corporation financing in 1958, the theory research mainly focus on proportion of equity and debt. However, little research was about debt maturity structure, especially about China' debt maturity structure. The paper will focus on this theory area.The title of the article was put forward on debt maturity structure theory and the research of China's empirical analysis. This article standing on the micro-level enterprises, combined with the reality that China's enterprises were still dominated by short-term debt financing , and used the way of normative and empirical analysis to be able to carry the more comprehensive research on listed companies' the factors that affected the debt maturity structure.Firstly, the article tired the afterwards research paper, seeked for the article's academic basis; Secondly, this paper combined these theories and results of research scholars, selected five perspective, to analysis possible factors that impacted debt maturity structure, and bringed up the corresponding theoretical assumptions; thirdly, in order to verify whether these factors led to the present situation that China's listed companies prefered short debt essentially, this article selected 4950 samples of data from 12 industries including construction industry ,manufacturing, information technology and so on in China, multipled linear regression model and carried on empirical research. The empirical results supported the agency cost theory; the liquidation risk and the matching principle. However signaling theory, theory of taxation were not found evidence to support; finally, this article sumed up the conclusions of the study, and bringed up some policy recommendations to optimize listed companies' debt maturity structure.