An Empirical Study On The Relationship Between Debt Maturity Structure And Corporation Performance

Our central government has paid more and more attention on the development of agriculture,while from 2004 released with “three agriculture” as the theme of Central Document No.1 during 14 years in row.Against this background,our agricultural development level has been increased quickly,but compared to developed countries,there is still a large gap distance to realize agricultural modernization.This paper tried to explore the relationship between debt maturity structure and performance in agricultural listed companies to provide theoretical basis and policy suggestions for broadening debt financing channels,improving performance and promoting the healthy growth of these listed ones for a long time.Based on corporate performance models and debt maturity models,the thesis made comparison analyses on the current situation of and the correlation between debt maturity structure and corporate performance in agricultural companies from Shanghai and Shenzhen Stock Exchange and National Equities Exchange and Quotations(NEEQ).First of all,the author introduced the background and significance of the selected topic.Secondly,we combed and reviewed previous literature which researched the factors influencing debt maturity structure and the relationship between the two.Thirdly,we analyzed the state quo in the terms of debt maturity structure and corporate performance of these companies in our country.Fourthly,based on panel data from 2012 to 2015,we established multivariate regression models with performance and debt maturity structure as explained variable respectively,and did empirical tests and results analysis.In the end,this article summed up research conclusions and put forward relevant policy suggestions.Research conclusions of this paper are displayed as follows.First of all,in NEEQ agricultural listed companies,long-term debt ratio was significantly positive related with corporate performance,which means the proportion of long-term liabilities can improve corporate performance significantly and the governance effect of long-term debt has been effectively played and there is still play space.Second,in agricultural companies from exchanges,long-term debt's governance effect was not significant,and unable to improve corporate performance.Robustness test also confirmed the results.Finally,based on above research conclusions,in view of the agricultural listed companies suggestions are proposed in this paper to broaden financing channels,appropriate increase of long-term liability ratio,and in view of the government regulators suggestions are proposed to further accelerate the pace of development of the bond market and strengthen banking supervision.