On The Determinants Of Debt Maturity Structure Of Chinese Enterprise

The debt number and the debt maturity are its two dimensions. Compared with the study on the debt number, the study on the debt maturity started late, 30 years so far. According to the study of different angles, it can be divided into several parts: The theoretical hypothesis of agency cost, information asymmetry hypothesis, the maturity matching hypothesis and the tax hypothesis. Most of them take the markets of the western developed capitalist countries as samples. The study on this in our country started in recent years. Considering the factors about economic system, system perfect degree and so on, the factors influencing the debt maturity structure need re-validation.Study on the factors influencing the enterprise debt maturity is better to find the disadvantages in our economic development and incompletion in our economic system, then promote the socialist economic. According to the conclusion of this issue, the author put forward some suggestion in the view of national legislation and enterprise itself. In the view of national legislation, it has got two parts. First, develop bond market, to meet the need for the long-term capital. Complete the regulations and reduce illegal behavior. Second, develop financing lease market, by introducing large lease financing companies with mature concept and completed system, fostering local enterprises and absorbing professionals. In the view of enterprise itself, first, invest more research fund, improve the research level and increase cooperation with the school and research institutions. Second, absorb more professionals, manage the enterprise in professional ways and improve the capacity of resist risk.