Impact Of Managerial Stockholding On Debt Maturity Structure

Based on the perspective of financial strength, in the framework of the agency cost hypothesis and the theory of information asymmetry hypothesis, we use the data of non-financial listed companies in2007to2013as study sample. This is the first time to study the financial strength strong, financial strength moderate, financial strength weak three kinds of listed companies comprehensively, the impact of managerial stockholding on debt maturity structure.Firstly, this paper reviews the main theoretical hypothesis of debt maturity structure. Secondly, from the impact of managerial stockholding, debt maturity structure and management ownership of the debt maturity structure of the three aspects of the literature review. Then it analyzes the status quo of the debt maturity structure of listed companies, taking into account the2006for the first year of implementation of the new accounting standards, there are changes in the data anomalies, so this article select the2007to2013of a balanced panel data for empirical test results there is a significant negative correlation between managerial ownership and debt maturity structure.This is the first time to base on the perspective of financial strength to analyze the impact of the management to the debt maturity structure. According to Altman (1968) conclusion of the study, the research divide the samples to financial strength strong, financial strength moderate, financial strength weak,three sub-samples and to do the empirical testCombination of property rights, subdivision of different rights for different financial strength of the company. By grouping comparison, the impact of its stake in the financial strength of the company’s management of the debt maturity structure to be significantly stronger than the weak financial strength of the company. Compare with the finance strength strong state-owned company, in the financial strength weak state-owned company the impact of managerial stockholding on debt maturity structure is more significant.Compare with the finance strength weak non-state-owned company, in the financial strength strong non-state-owned company, the impact of managerial stockholding on debt maturity structure is more significant.Finally, based on the analysis on the front of each chapter we summarize the main findings of this paper. According to specific institutional context of listed companies, put forward on the establishment of an effective management equity incentive plan, and reasonable debt maturity structure policy recommendations.