Marketization Process、Debt Maturity Structure And Operating Efficiency

Many scholars wrote a lot of literature of Enterprise’s debt maturity structure. Based onthe reading these literatures, it is found that most of the articles was to research the totalamount on the financing structure or to study the different time of debt, but no matter whichAngle or which theory, They are just reason why enterprises choose what kind of the debtmaturity structure. This article will research the economic consequences of debt maturitystructure from a new perspective, It will research how debt maturity structure produceinfluence on enterprise operating efficiency. It is very rich of research on enterprisemanagement efficiency and the debt maturity structure, one of the features of this article is tocombine their studies. It will research how debt maturity structure produces influence onenterprise operating efficiency. This article provides a new direction for the study of the twofields. This article find by further research because under different marketization processenterprises have different debt maturity structure. Then under different marketization processenterprise management efficiency have different sensitivity to the debt maturity.This article take empirical data of the listed companies in China from2003to2011as asample to research how debt maturity structure produce influence on enterprise operatingefficiency. Research Findings:(1)It is significantly positive correlation between enterprise’sdebt maturity and operating efficiency;(2) It is significantly positive correlation betweenenterprise’s debt maturity and scale growth;(3) It is significantly positive correlation betweenshort-term liabilities and utilization efficiency of current assets;(4)Compared with area whereowns high degree of marketization, this article find by further research that operatingefficiency’s sensitivity is more strong to long-term liabilities in the area of low degree ofMarketization. In the research results, this article find that we should actively developlong-term debt market and work hard to reduce the long-term debt financing cost of the listedcompany. To entice enterprise borrowed more long-term debt. So, more long-term funds areused for long-term assets investment and to enhance sustainability of the profitability.