Research About The Influence Of Debt Maturity Structure On Corporate Value

There are many kinds of corporate financing activities,such as equity financing and debt financing.With the development of capital market and the change of enterprise management structure,debt financing has its own advantages in reducing agency cost,lower financing costs and other aspects of the performance.Gradually debt financing has become an important decision in enterprise financing activities,domestic and foreign scholars and enterprise management began to pay attention to the importance of debt financing.As an integral part of debt financing decision making,there is a close relationship between the value of the company and the corporate value.Irrational debt maturity structure not only influence the manage of debt financing,but also cut down the corporate value in a large part.Accordingly,it has become an important research topic in the moment about the research of debt maturity structure.Scholars around the world have a lot of research achievement about the relationship between debt maturity structure and corporate value.But previous research mainly focus on traditional industry.It is necessary to conduct further research on the impact of the debt maturity structure of Chinese electronic information enterprise on corporate value,with the rapid development of Electronic Information Industry.This paper is based on four steps: The first is the introduction,describes the reasons for choosing this topic and significance,summarizes the research methods and ideas of the article.The author also summarize the literature about debt maturity structure,corporate value and the correlation between the two.The second part is about the theoretical research about the influence of debt maturity structure on corporate value,state the definition and metering method of debt maturity structure and corporate value.Furthermore explain the transmission mechanism of debt maturity structure on corporate value from four aspects: the cost of financing,financing risk,the flexibility of financing,investment behavior.Then,the author explained the importance of debt maturity structure optimization and put forward the hypothesis.The third part is the the focus of this research.Author analysis the characteristics and the reasons of these characteristics about the debt maturity structure in China from three degrees: low proportion of the debts,low proportion of bond financing,the preference of short term financing.Furthermore Author tease out the development trend and the characteristics of Chinese electronic information industry and reorganize the statisticsof electronic information corporate in Chinese stock market,and use the methods of descriptive,correlation and regression analyses to draw a conclusion about the positive relevance between debt maturity structure and corporate value.The fourth part summarize the conclusion of empirical analysis.Besides,make suggestions about the optimization of debt maturity structure in China from two areas: Promote the ability of the internal governance capacity in companies and the science of economic environment.This article use the method of empirical analysis,study the influence of debt maturity structure on corporate value,further broaden the existing research scope,make suggestions about the optimization of debt maturity structure.Expect this article can provide some reference about debt financing decision and increasing the value of the company for our Chinese electronic information firms.