Empirical Studies On The Effect Of Debt Maturity Structure On Firm’s Performance

With economic development, the company’s financing environment has become increasingly complex. Take what kind of financing strategy and whether it can success related to the company’s survival and development. In addition to the optimal capital structure of the financing structure also includes debt financing structure. Relevant research shows that in addition to the impact of funding takes time, debt maturity but also affect the company’s liquidity risk, financing costs, debt maturity investment behavior, etc., and finally through the company’s results reflected. Debt maturity structure as an important part of the study of debt structure, it has a significant help to make rational development of corporate financing strategies and to improve performance. Therefore, the article will examine the impact of the debt maturity structure on the company’s performance. In China, due to the unique structure of listed companies, investor protection mechanism is imperfect, the uneven development of capital markets and corporate governance mechanisms cannot effectively play, which makes the relationship between the debt maturity structure and the performance of the company are more complicated. Therefore, to explore the impact of debt maturity structure of China’s listed companies on the company’s operating results is with some theoretical and practical significance.In this paper, by analyzing the domestic and foreign scholar’s related theory and research results, it put forward the basic theories of agency cost, asymmetric information, immunization hypothesis, trade-off and so on. On the basis of the theory it theoretically analyzes the impact of debt maturity structure on company performance. Then adopt the normative and empirical method to do research. It bases on the data of manufacturing companies in Shanghai and Shenzhen A-share listed. It selects 3521 samples from tho year 2009 to 2012 for study. It chooses four indicators such as main business profit margins, return on total assets, return on equity and earnings per share to constructs a comprehensive performance evaluation index. And then analyzes the impact of debt maturity structure on it.This paper is divided into five parts, which reads as follows:The first chapter is introduction, mainly introduced the background of the topic and research work, etc. The second chapter is an overview of relevant theory, and then analyzes the impact of debt maturity structure on company performance. The third chapter is a hypothetical, the determination of the choice of sample and variable. The fourth chapter is empirical test results and analysis. The conclusions as follows:(1) Debt maturity structure was positively correlated with company performance, which is consistent with the hypothesis. (2) When the ratio of debt maturity structure is different, the impact on company’s performance is different. The fifth chapter is the conclusion and recommendations and the limitation of the study.