| Since 60’s, there have been many studies focus on the corporate capital structure theory and empirical. However, as thedebt maturity structure of capital branch has not been scholarly attention, of course, the research on the debt maturity structure of decision-making is relatively small. Debt maturity structure mainly from the following several aspects to influence the enterprises, first of all, it will directly affect the enterprise’s debt issuance and holding cost; secondly, the length ratio of debt maturity structure will not only directly affect the enterprise’s debt repayment plan, but also affect the cost of corporate’s debt maturity structure of debt; thirdly, directly influence the investment decision behavior of enterprises; finally, the debt maturity structure directly affect the enterprise’s operational risk. In this paper, according to the listing Corporation debt maturity structure in Shanghai, analysis of the use of the existing theory of debt maturity empirical main influence factors of Shanghai listing Corporation debt maturity structure. Through all this study can found that the Shanghai listing Corporation to equity financing, debt financing is complementary, and the debt financing with short-term debt financing, long-term debt to total debtratio of enterprises accounted for only about 15%. Shanghai listing Corporation debt maturity structure and asset maturity is a departure from the more serious, this is mainly because the main mode of financing of Shanghai listing Corporation is the equity financing, and in debt financing to raise funds more inclined to short-term debt financing. This paper mainly studies what cause Shanghai listing Corporation long-term debt less than the short-term debt, this will cause what effect to Shanghai listing Corporation,the recommendations of optimization of Shanghai listing Corporation debt maturity.Firstly, the present main debt maturity theory are reviewed, these theories include: the agency theory, information transmission theory, tax theory and asset matching theory. The main problems and analyzes the current situation of listing Corporation debt maturity structure at the present stage of China’s capital market. The study sample data again selects166 listing Corporation in Shanghai during the period 2005-2013, the empirical study in this paper is the use of multiple linear regression and carries out an empirical study on Shanghai listing Corporation stepwise regression analysis method. Secondly, analysis of the current situation of China’s capital market and the main reason causing the unbalanced structure of debt maturity in China, then use the method of descriptive statistics analysis of the status quo of listing Corporation debt maturity structure in Shanghai city and its existing problems. Once again,select valid data during the 166 Shanghai listing Corporation 2005-2013 annual samples, using multiple linear regression and stepwise regressionanalysis method to analyze the Shanghai listing Corporation’s debt structure.The research structure of the paper is the Shanghai listing Corporationdebt maturity analysis results show that the Shanghai listing Corporationgeneral tend to equity financing and short-term debt financing, and the long-term debt of enterprises accounted for the total debt ratio is relatively low. By analyzing the factors related to the results of this dissertation empirical study can show that the theory of asymmetric information, Rights Theory Empirical Research on structure of listing Corporation debt maturity in Shanghaisupported; agency theory validated partly support; factors of corporate governance point of view selection supported by the experience; and this paper tax theory fails to get evidence as support; finally summary forempirical research in Shanghai listing Corporation debt maturity conclusion,put forward the suggestion in the Shanghai listing Corporation of debt maturity structure related optimization from the enterprise level and the government level. |
