Research On The Debt Maturity Structure Of The Coal Listed Companies

As an important part of financial structure,debt maturity structure has ansignificant impact to the company’s financing policy. Financial structure has became ahot issue since the MM theory was proposed, but most of the research focus on thechoose and proportion of the stock rights financing and debt financing, thinking that allthe debt are the same nature and seldom consider the inside structure of these debt. Infact, the way of debt financing has close connections in the company’s value andrisk. Different inside, different effect to the company. Concentrating at the debt maturity,this text is going to research the influence toward the company between long andshort debt,in propose of optimal debt maturity structure and making long and short debtcombine scientifically and effectively.It has a great meaning to research the debt financing maturity structure of the coalindustry since which is the basic industry of our national economy. Therefore, this thesiswill discuss about the debt financing maturity structure through the coal listedcompanies. In this article I first tease the related researches, and summarize thecorrelation theory of the debt financing structures,that main has agency costhypotheses,signaling hypotheses, tax hypotheses and the maturity matching hypotheses.Through this study,it will provide theoretical foundation to the coming research.Second, as the starting point to the present status of our coal listed companiesfinancing, it analyses the ten types of influence factors of the listed companies’debt maturity structure, which from the angle of internal characteristics and thecorporate governance structure, and also put forward the corresponding hypothesis.Byusing the method of combining the factor analysisand regression analysis to carry onan empirical research，taken with data from the coal listed company in2010, it gets thesignificant factors that affect the debt maturity structure of the coal listedcompanies.Third, in conclusion, it puts forward optimum policy suggestions to the debtmaturity structure of the our coal listed companies.