Debt Maturity Structure Of Listed Companies

Financing is one of the most important financial activities in the modern enterprise, and debt financing is an important part in this activity. In1980s more and more western scholars research gradually focused on the corporate debt maturity structure. They exponded the factors which influenced the debt maturity structure and achieved fruitful results. From the the different theories expounded impact factors of corporate debt maturity structure. While compared with the classical theory of capital structure, the scholars, research of the influencing factors and mechanism of action of the debt maturity structure are still at the exploratory stage, we can see that the theory of debt maturity is not mature.The research on debt maturity structure in our country on a late start, which gradually increased after2000.So the research of the breath and depth needs to be further strengthened. In addition, the debt maturity structure of listed companies in China is different with foreign enterprises.First of all, the long-term liabilities ratio is too low, and the short debt maturities are too short; At the same time, our country has a special system environment, such as the state-owned economy to a higher proportion of the entire market, the market relevant laws and regulations of the economy is still perfect in inadequate supervision of listed companies, the lack of investment protection system. Therefore, based on China’s specific national conditions, research on debt maturity structure has very far-reaching impact on the theory and practice.According to combing through the research on extensive research scholars, the article elaborates the theoretical basis of the debt maturity structure, including the theory of agency costs, duration matching theory, signaling theory, tax hypothesis theory and the trade-off theory, and summarized their predecessors, research results about influencing factors divided into institutional level, the level of firm characteristics and corporate governance level. In order to test the impact of the three levels to debt maturity, the article takes814in the2009-2011China’s listed companies as samples, and has a detailed analysis of each factor according to the result of multiple linear regression and statistical analysis. The results of empirical supports the theory of agency costs, duration matching theory, signal transmission theory; no valid evidence support tax hypothesis. Through the analysis of the results, the article finally take related recommendations to improve our debt markets and optimize the corporate debt maturity.