Panel Study On The Effect Of Debt Maturity Structure On Firm's Performance Of Chinese Listed Companies

Debt is an important source of funds for companies.When considering financial source,companies are not only need to decide the equity of debt,but also the debt maturity.The debt maturity is an important part of debt financing.It's an key factors whether the debt maturity is reasonable. At present,the theories about capital structure are more perfect than before.And there are more and more debt issues about the determinants of the maturity of corporata,but so few about study on the effect of debt maturity structure on firm's performance of Chinese listed companies.Then,the paper focus on it.Firstly,the paper makes theoretical annlysis and empirical nanlysis, according to the classic capital structure theory,debt maturity structure theory and the result of some important empirical analyses.Then it makes fator analysis and empirical research using balance panel data of 793 Chinese non-financial companes from 2005 to 2009.It establishes models of debt maturity and firm performance and makes regression analysis.The result show that the rate of short-term debt is too high in Chinese listed companies,up to 84.96 percents.But the rate of long-term debt is so low.It's significant that debt maturity structure and long-term debt financing rate have a negative impact on corporate performance of listed companies. These empirical results and theoretical assumptions are consistent.Finally,this paper finds the cause of unreasonable structure of corporate governance,also gives recommendations to listed companies on how to optimize debt financing based on the empirical result and Chinese capital market conditions.