An Empirical Study Of The Relationship Between Institution Environment, Managerial Stockholding And Debt Maturity Structure

Recently, most of the domestic and foreign literature research debt maturity structure from Corporate governance and corporate characteristics, this paper segmentation managerial stockholding from the corporate governance, as explained variable to study alone, In addition, this paper introduced the institutional environment include of government intervention, development of financial markets and legal environment level as the explained variable into the empirical research model. Research on the relationship between the institutional environment, managerial stockholding and debt maturity structure from two aspects of theory and empirical.In 2010, many listed companies have adopted performance stock incentive, restricted stock incentive, virtual stock, stock appreciation rights and stock right to limit and other incentives to expand its equity incentive, therefore, we use the data of non-financial listed companies in 2010 to2014 as study sample. The first chapter is the introduction, firstly, this part introduce the paper’s background, significance from theory and practice two aspects, secondly, The study of this article variable that institutional environment, management shareholding and debt maturity structure which definition of the relevant concepts of the difference between other existing articles, the paper has carried on the definition again, next, this part elaborate research methods and research clues, finally, after this article research conclusion analysis of the existing literature, presented paper’s innovation.The second part is the overview of literature and theory, This part mainly support to this paper from the theoretically. firstly, This paper describes the agency theory, asymmetric information theory, matching theory and tax theory which and institutional economics theory that support to debt maturity structure and institutional environment, next, this part elaborate the influence factors of debt maturity structure, and describes managerial stockholding how to influence the debt maturity structure, different institutional environment management equity and debt maturity structure under the background of, finally, review of domestic and foreign literature.The third chapter mainly describes the research of this article variable institutional environment, managerial stockholding and debt maturity structure of listed company’s existing conditions, this section obtain to relevant data from database of CSMAR and RESSET, Using diagram method describes the listed companies present situation of the institutional environment, managerial stockholding and debt maturity structure.The fourth chapter is the empirical analysis, firstly, Combined with the existing related literature and the paper’s research content, presented paper’s research hypotheses, secondly, eliminate and screening A non-financial listed companies related data from 2010 to 2014,1509 listed companies,1509 samples of observations, this part established Eight related empirical research model,next, according to the related empirical model samples to study, carried out a descriptive statistical analysis and correlation analysis and empirical analysis, finally, the regression results show:debt maturity has negative impact on managerial stockholding, government intervention of institutional environment has positive impact on debt maturity structure, the level of financial service and legal environment has negative impact on debt maturity structure, in region has better institutional environment, and debt maturity structure impact significant on managerial stockholding.The fifth chapter is the conclusion and suggestion. This part based on the above empirical results combined with the actual situation of listed company, suggest that government should optimize the institutional environment, financial institutions should improve the bond market, The corporate should optimize the corporate governance mechanism, furthermore, this part elaborate paper’s existed defects and insufficiency and deficiency.