| The study of the relationship between capital structure and corporate value has been favored by many scholars at home and abroad.With economic environment changing,the relationship between capital structure and corporate value is different.Therefore,the study of the relationship between debt maturity structure and corporate value is essential.Reasonable debt maturity structure contributes to raise funds for the development of enterprises at the lowest cost;it can ease the conflict of shareholders?creditors and management layer;it may take advantage of tax shield of debt;it may provide the information about enterprises to external investors.Firstly,the theory of debt maturity structure?the theory of enterprise value and the reason for choosing a measure of corporate value were elaborated.The effect of debt is analyzed to understand how to influence enterprises and the aspects of enterprises.Then literature on the relationship of debt maturity structure and enterprise value,the relationship of debt maturity structure and enterprise value were reviewed and analyzed.It analyzed the status of development of China's electronics manufacturing industry analysis,and discovered that sales growth rate of our consumer electronics from 2012 began to decline,while debt maturity structure of China's electronic manufacturing listed companies did not make appropriate adjustments.Meanwhile,current overall debt ratio is high,the overall long-term debt ratio is low.In this paper,studying the impact of debt maturity structure on corporate value is on the basis of agency theory.The study found that enterprise value increases first and then decreases,when the debt ratio increases;enterprise value increases first and then decreases,when current overall debt ratio increases;long-term debt ratio and enterprise value positively correlated.Therefore,debt maturity structure of the electronic manufacturing listed companies were adjusted to maximize enterprise value. |
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