China's State-owned Listed Companies, The Debt Maturity Structure Of Empirical Research

The state owned public company is the public company which majority shares directly or indirectly hold by government. During the process of Chinese economic reform, the reform of the state owned company attaches greatest importance; the state owned public company is an important part of the state owned company. In the reform of state owned public company, debt problem is an important one. When we analyze the debt problem of state owned public company, we can find that most of the state owned public company's structure of debt maturity is not suitable. Study the debt maturity structure of state owned company can enhance our understanding of the origin and development of company debt structure in china.In this paper, I try to use the empirical research method to study the debt maturity of state owned public company. There are three parts in this thesis.Chapter one: the summarization of hypotheses and review the empirical research debt maturity structure. The hypotheses of debt maturity can be divided to four kinds: contracting-cost hypotheses, signaling hypotheses, tax hypotheses and immunity hypotheses.Chapter two: study the conditions which influence the state owned public company debt maturity structure. This chapter has three parts, the study of principal-agent relationship in state owned public company, the study of Chinese debt market circumstance, the study of Chinese market circumstances influence state owned public company.Chapter three: the empirical research of Chinese public company debt maturity structure, I provide an empirical examination of the determinants of corporate debt maturity. I evidence offers strong support for the contracting-cost hypothesis. Firms that have few growth options,...