The Influence Research Of Enterprise's Bank Loan Maturity Structures Based On Domestic Direct Financing Development

Debt maturity structures play a significant influence on the development of the enterprises, to some extent, a reasonable and good structure of debt can make the enterprise run well. As a matter of fact, the standpoint is backed up by an extraordinary series of studies which indicate that bank loan maturity structure which the paper will study is an important part of corporate debt maturity structures and capital structure. Obviously, bank loan maturity structure, which arranged well, can reduce the possibility of financial risk which was caused by the unstable fund.From the perspective of theory, macro environment is a key element to the bank loan maturity structure. Meanwhile, bank loan is a dominant pattern in Chinese financial structure. So, the phenomenon which we talk, directly, work on bank loan maturity structure. We have been aware of some evidence directly from the bank loan maturity structure between state-owned enterprises and private-owned enterprises. That is we called credit discrimination which has aroused a heated discussion in public.On the other hand, China was been endeavoring to develop capital market all the time. Particularly, government shows an obvious policy signals in work report this year which it emphasized that government pay more attention to raise the proportion of direct financing. So, under the background of capital market development, the paper focus on the changes of the situation of bank loan maturity structure. After reviewing relevant theories and research achievements, the topic we will explore in the paper include four questions as flows:(1) from macro perspective, we will focus on the relationships among the stock financing, bond financing and credit financing. (2)From enterprises perspective, has the demand for bank loan been influenced by the relationship? (3) Has the enterprise's bank loan maturity structure been influenced by the relationship? (4) We will explore the difference between state-owned enterprises and private-owned enterprises.According to empirical study, we found that:(1) the development of the stock market can make the structure be longer, that is to say, the complementary effect between corporate credit financing and stock financing is more obvious. (2) The development of bond market can make the structure shorter, that is to say, substitution effect is more obvious. (3)The development of capital market play an apparent impact on the bank loan maturity structure of private-owned enterprise. (4) The own internal factors of enterprises can play an apparent impact on the loan maturity structure.