An Empirical Study On The Influence Of Ultimate Controller On Debt Structure

For a long time the theory of capital structure are extensively studied, and then began to study the theory of capital structure more detailed aspects, namely the choice of debt structure. Since 1980, domestic and foreign theorists began to study the factors that affect the debt structure. On the study in terms of debt structure, domestic and foreign scholars have a relatively lavish experience, but domestic scholars mainly research on the one hand the debt structure and debt structure on the other hand research is relatively scarce. In addition, domestic scholars rarely study the impact of the ultimate controller on debt structure. Through the layers of the listing Corporation’s control chain, Foreign scholars Porta La and so on(1999) discuss the effect of the ultimate controller’s behavior on the company’s financial decisions. In China, the majority of listed companies exist the ultimate control person, and the ultimate controller command the underlying listed companies through the layers of control chain. In this case, it is not possible to capture the substance of the appearance to consider the direct controlling shareholder to the company.This dissertation seizes the control right of ultimate controller, the separation degree of two rights and the nature of ultimate controller as the breakthrough point to study the influence of ultimate controller on corporate debt maturity structure and debt type structure.This paper first sort the literature associated with debt structure, summarize the domestic and foreign scholars in this field of research priorities;Next in detail explain the debt maturity structure, debt structure type, the ultimate controller and other related concepts and theories of this dissertation; Then starting from the research point of this dissertation,this dissertation opts eight variables and frames two models employing the fashion of descriptive statistics analysis, correlation analysis and multiple regression analysis, and have an empirical analysis of the data of sample corporations from 2010 to 2014;According to the empirical test results, this dissertation receive next conclusions: the ultimate control rights and debt maturity has significant negative correlation; When the all property of the ultimate controlling is state-owned, the listed company has a higher proportion of long-term debt;Ultimate control and the degree of separation of ownership both is significantly positively correlated with the proportion of commercial standing;When the all property of the ultimate controlling is state-owned, the greater the proportion of listed companies’ commercial standing. Finally, This dissertation summarizes the ending, and leads to countermeasure.The innovation of this dissertation is the research perspective, presented the effect of the ultimate controlling on debt maturity structure, debt structure of the type, hope that the ending of this dissertation will help to optimize the debt structure, perfect ultimate controlling structure, and maximize corporate worth.