| The selection of debt maturity structure is one of the most important financial decisions of an company.Existing literatures have analyzed the factors of company's debt maturity structure from the perspective of corporate characteristics and corporate governance.The study of corporate debt maturity structure from the perspective of corporate governance has become the research direction and trend.At present,there is no literature to study whether the debt term structure of the company has an impact and the mechanism from the perspective of the potential exit threat of major shareholders.Among them,the non-tradable share reform in 2005-2007 offers the possibility of the exit of major shareholders.The reform of non-tradable shares of the company gives circulation rights.Higher proportion of shares under this background,the holding company of the big shareholders if you can't share company management decision-making authority with the company's controlling shareholder,especially when dominated the controlling shareholder of the company decision-making behavior against big shareholders,big shareholders may through the holdings of "vote with their feet" to sell,which in fact form a threat to the controlling shareholder's exit.Due to the high shareholding ratio of controlling shareholders and more concentrated assets,if other major shareholders sell the shares,negative information of the company will be released to the market and the stock price will be under pressure,which will directly lead to the loss of interests of controlling shareholders.Faced with this potential threat,the controlling shareholder may restrain its selfish behavior,take the initiative to improve the company's operating conditions,improve the company's assets and management quality,which objectively is conducive to enhancing the company's debt solvency and promoting the adjustment of the company's debt term structure.In view of this,from the perspective of major shareholder withdrawal threat,this paper focuses on its impact on corporate debt maturity structure and its internal influencing mechanism.This paper takes the non-state-owned a-share listed companies in Shanghai and shenzhen from 2000 to 2011 as the research sample,and takes the event of non-share-holding reform as the natural scene of major shareholder exit threat.It theoretically analyzes and empirically studies the impact of major shareholder exit threat on the company's debt maturity structure and its influencing mechanism.This paper finds that the threat of major shareholder withdrawal can significantly improve the company's debt maturity structure.The withdrawal threat of major shareholders can restrain the private behavior of controlling shareholders by alleviating the second type of agency problem.At the same time,the withdrawal threat of major shareholders can improve the long-term solvency of the company and the proportion of long-term debt.The resolution of the second type of agency problem and the improvement of long-term solvency are the intermediaries that threaten to improve the term structure of corporate debt.Further studies have found that when the shareholding ratio of controlling shareholders is high,the shareholding ratio of other major shareholders is relatively low,and the withdrawal threat is more credible,the impact of the withdrawal threat on the company's debt maturity structure is more significant.The research in this paper,theoretically,expands the research horizon of equity checks and balances and major shareholders' participation in corporate governance,and enriches the research literature on stock flow and debt term structure.In practice,the research conclusion of this paper provides new evidence for the reform of non-tradable shares to improve corporate governance.At the same time,it has enlightening significance for non-controlling shareholders to participate in the decision-making of corporate governance,the loan decision-making of creditors such as Banks and the selection of the company's debt term structure. |
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