Determinants Of Debt Maturity Structure

High debt asset ratio and short term debt ratio are recognized as the primary causes for the Korean financial crisis in the 1997 s.Nowadays,there were many big group corporations getting restructured because of debt crisis,like Delong,Huayuan,and Jiazhaoye.As a matter of fact,corporations in china often suffers from significantly high debt asset ratio and short term debt ratio,comparing with relative low ratios of other corporations in the developed countries.While the researches of this field not taken enough emphasize by Chinese scholars,the existing studies made by foreign scholars may not suit the Chinese facts very well.The second chapter of this dissertation reviewed the main theories,like maturity-match,agency cost,signal transferring,company size,company leverage.In the third chapter,this article firstly did the statistics analysis for the characteristics of the Chinese listed companies and companies in the several typical industries.Secondly,based on the statistics and theories,I observed that maturity-match,company size,company leverage theories are still suitable for explanation in the samples.But signal transferring and agency cost cannot explain the facts very well.I tried to make my own logic assumptions to adjust these unfitted theories based on the statistics and basic facts.In the fourth chapter,I checked out the assumptions using fixed periods,fixed sections model and panel data which contains data from estate and computer industries from 2012 to 2014.The conclusions are as follows: For the computer industry: 1)Maturity match theory is not suited,while the debt maturity is negatively correlated with the asset maturity;2)Taxation theory is suited;3)the company leverage theory is suited.For the estate industry: 1)Signals transferring theory is suited;2)Taxation theory is suited,and the impacts of actual tax rate putting on the debt maturity may be the same across the industries.The innovation points I have made in the dissertation are that I used statistical analysis and empirical study to examine the foreign theories and the new assumptions based on the statistical analysis and basic facts.