A Study Of The Impact Of Debt Maturity Structure On Firm Performance

There are lots of channels to acquire funds,one of the important way is debt financing.For a long time,the study of corporate debt financing is the key point of the financial research.Since the MM theorem was born in the 1950's,the Debt Financing Decision Theory is continuous develop.At the same time,there are a large number of literature about this subject.But most existing literature have been focused on debt,that is to say,the scholars think that debts are homogeneous,on this basis to analysis the debt and equity financing ratio.Focus on debt financing,it is necessary to research company debt structure in detail.Debt structure has a lot of classification,one of the most conventional classification is the debt maturity structure.So company should choose the appropriate debt maturity structure carefully.Researches abroad or domestic on this issue have not formed a unified conclusion.Given the current economic transition background,this article choose China's A-share companies as research samples to study the influence of debt maturity structure on corporate performance.On this basis,input ownership of property,and further investigate whether this effect will be affected by the influence of ownership of property and the degree.This article finally filter the sample for 2013-2015 of 701 companies that meet the requirements.then according to the ownership of property,divide 701 companies into state-owned companies and non-state-owned companies to analyze the conclusion under different ownership property.Finally,choose Tobin'Q as the substitution variable to measure corporate performance and do the stability inspection on the empirical research conclusion.The results showed that:(1)The debt maturity structure of listed companies in China has positive impact effect on corporate performance;(2)To compare two sub-sample,when considering state-owned companies,debt maturity structure has significant positive effect on corporate performance,and when considering non-state-owned companies,the debt maturity structure has no obvious effect on corporate performance.Then robustness test results show that no matter the sample is 701 companies or state-owned and non-state-owned companies,debt maturity structure has no impact on corporate performance.According to empirical research conclusion and the economic background of our country,this paper puts forward the following suggestions about debt maturity structure decision:(1)Expanding the company's financing channels;(2)Strengthen the debt restriction mechanism;(3)Control the support degree on the state-owned companies properly and turn to non-state-owned companies.It is expected to achieve the equilibrium between the two kind of companies;(4)Strengthen the banks binding,optimize banks supervision way and moderate the relationship between bank and the companies;(5)Improve the legal system and maintain the rights and interests of creditors.Hope it is helpful to optimize the debt maturity structure.