An Empirical Study On The Influence Of Corporate Governance On The Maturity Structure Of Corporate Debt

Debt financing and equity financing as an important financial decision-making behavior,the enterprise has the essential influence to enterprise's financial arrangements.From the aspect of debt maturity structure study,as an important part of bond financing,not only represents an enterprise's long-term debt and short-term debt capital planning,will also affect the enterprise repayment plan of investment and financing strategy.Into the 21 st century,with the capital market is more and more mature,affecting factors of the influence of debt maturity structure is becoming more and more widely,many scholars have summarized the influencing factors of corporate debt maturity structure.However,in general,most scholars mainly study the internal characteristics of the company including the financial aspect of the enterprise and the management of the enterprise debt maturity structure.In addition,the authors found that a few scholars from a large number of literature research is based on China's socialist economic environment to consider its political system the influence of environmental factors on corporate debt maturity structure,however,no specific factors under the conditions of the social system,which is it impact on corporate debt maturity.To sum up,this paper will study the relationship between corporate governance and corporate debt maturity structure from the perspective of incomplete contract implementation.In this paper,the relevant literatures at home and abroad are sorted out firstly,and the relationship between contract implementation efficiency,corporate governance and corporate debt maturity structure is summarized on the basis of existing literature.At the same time,the implementation efficiency of the contract is divided into full implementation and incomplete implementation,to study whether corporate governance will affect the debt maturity structure.This paper will refer to the previous studies on the structure of corporate debt maturity and the ratio of long-term liabilities to total liabilities as its measurement criteria.In addition,the stability test will be carried out in the study of the ratio of long-term borrowing and total debt to replace the enterprise debt maturity structure.The results show that :(1)the efficiency of the contract is negatively correlated with the corporate debt maturity structure;(2)the corporate governance and the corporate debt maturity structure will change in the same direction;(3)under the influence of different contract implementation efficiency,the correlation between corporate governance and corporate debt maturity has a certain effect.Finally,based on the research conclusion,some reasonable Suggestions are put forward.To sum up,this article choose from external political and economic environment combined with the feature of the company's internal management research corporate debt maturity structure,and economic environment by system "in the implementation of the act as a microcosm of incomplete contract,studies its will on the relationship between corporate governance and corporate debt maturity.Fully consider the company's internal and external environment changes,is beneficial to promote the company's management attaches great importance to the enterprise internal management,but also to remind the company focus on external policies formulated so as to adapt to the change of economic environment,so that the company's debt financing strategy more specification.