Research On The Factors Of Debt Maturity Structure In Chinese Listed Manufacturing Company

Recently, capital structure theory research grows gradually from financial leverage choice to more specific debt structure characteristics, such as debt maturity structure, debt ownership structure, debt priority, etc. As the most important feature of debt structure, debt maturity structure research arouses more and more experts'attention. At present, the debt maturity structure research in market economy mostly relatively developed in the European and American countries, and in emerging market economy, the study debt maturity structure is relatively rare.The paper firstly reviews the debt maturity structure of domestic and foreign relevant research theory and empirical literature; Secondly, according to the domestic and foreign relevant theory as a foundation, the paper analyzes the listed manufacturing companies of debt financing influence factors; Then, the paper selects 452 companies'financial data from 2006 to 2009 totally 1808 sample to exam the factors which were stated above, analyzes the influence factors of selected sample company debt maturity structure by empirical research, and the study found the asset maturity structure, financial leverage, free cash flow and factors impacted on the debt maturity structure significantly. While the growth option, corporate quality and the effective tax rate impacted on the debt maturity structure insignificantly. Finally, this paper has summarized research results, the listed companies in China on how to improve the debt maturity structure puts forwards some countermeasures, and analyzes the weakness of the research.