The Empirical Research Of Debt Maturity Structure And Corporate Performance

In recent years, as China's rapid economic development, Shanxi province is in a stages oftransition across. The rapid development of economy brings to the enterprise more investmentopportunities. At the same time, the demand of capital will increase.And this will relate to the debtbetween maturity structure and corporate governance. However, at long-term the research on debtmaturity structure starts late at home and abroad. Our country scholar focuses on the influence ofamount of debt,and treats all the period of the debt as the same. This paper,firstly, studies thecurrent situation of debt maturity structure,which come from the listed companies in Shanxiprovince. Secondly and the most importantly, we study on the relationship betweent the debtmaturity structure and the corporate governance. At last,we offer a few proposals for Shanxieconomic development.In this sense, this thesis has certain realistic and theoretical value,whichstudy the relationship betweent the debt maturity structure and corporate governance in a stage ofthe Shanxi transition across.Reviewed the domestic and foreign literatures, this paper bases on corporate governance, capitalstructure theory and the theory of debt maturity structure theory.Then it studies the listed companyin a stages of the Shanxi transition across.In the theoretical part,we introduce the agency cost theory,the theory of information asymmetry, the theory of taxation and the term matching theory. On thebasis of theoretical analysis, using descriptive statistics and regression analysis, we carry outempirical research of the Shanxi 's19listed companies in the period of2008to2010. We study therelationship between the short-term debt ratio and the corporate governance as well as therelationship between the long debt ratio and the corporate governance. The result shows that theyare all negatively.At last,based on the present situation of the debt maturity structure and companymanagement,we discuss the causes of the current situation mainly from debt superiority and theenterprise, as well as the current economic and institutional conditionst.We provide some advicesfor the development of enterprises.