Research On The Effect Of Shareholding In Financial Institutions On Asset Structure And Debt Maturity Structure

With the reform of China's financial market and capital market matures,more and more the non-financial listed companies with strong capital strength turn to hold shares of financial institutions by equity investment,and formed a complete "financing-production-financial services" industry chain.Under the background of continuous penetration of industrial capital into the financial industry,How the shareholding financial institutions will affect the capital structure and debt maturity structure of the enterprise?In this paper,we use unbalanced panel data to study the impact of shareholding financial institutions on corporate capital structure and debt maturity structure,and further investigate the differences between corporate ownership and types of shareholding financial institutions.The main conclusions of the study are as follows:Through shareholding on financial institutions can significantly affect the capital structure of enterprises,improve the external financing ability and bring more external debt funds to enterprises,including short-term debt funds and long-term debt funds.Meanwhile,there is a significant positive correlation between shareholding financial institutions and long-term debt means holding financial institutions can significantly improve their long-term debt financing capabilities and improve their debt maturity structure.Further,the nature of equity does not affect the effect of listed companies holding financial institutions on corporate capital structure,and the effects of ownership of financial institutions on corporate capital structure mainly comes from holding banking financial institutions;state-owned enterprises easier access to long-term debt funds,and the main source of effects on debt maturity structure comes from holdings of non-bank financial institutions.