| Debt is a kind of important mode of the firm financing, there is little firm depending only on equity capital financing without the level of debt. Debt is a kind of financing mode different from equity financing. Finance literature has made significant progress in explaining corporate financing decision. Increasingly, the focus has been moving beyond an examination of the basic leverage choice to more detailed aspects of the financing decision such as debt-priority, debt-maturity structure and contract provisions. Debt maturity structure is an important part to compose theory of firm capital structure. The debt maturity structure of firm is composing structure and proportion with different term debt. This dissertation base on economic reform of China and overseas theory of debt maturity structure, combine financial repression theory, study the debt maturity structure of China from following four aspects:Firstly, expand discrete debt maturity structure model into continuously. For the moment, all the model of debt maturity was discrete model that has based on the firm choose either long-term debt or short-term debt for conveniently study, so the firm cannot select long-term debt and short-term debt on some proportion simultaneously. The simplified model can explain the tendency of firm debt maturity decision almost, but the result of study is not convictive, because it is different from actual economy state. The continuously model of debt maturity has been constructed in this paper, and there is an important conclusion by analyzed that high quality firm will choose more proportion of short-term debt under separating equilibrium. The financial instruments of the proportion on different maturity term debt structure can help bank realizing true information of firm.Secondly, debt maturity structure model is constructed under constant interest rate based on expanded model, financial repression theory and debt maturity theory. Because overseas debt market is more perfect than China, the conclusion under perfect debt market is different from China. Debt maturity model is constructed under constant interest rate in this paper, the analysis suggest the debt maturity is not signaling under constant interest rate and bank can't realize the firm quality by their debt maturity structure, they would estimate the risk of loan by debt repay index only. Analysis forecast the debt-term proportion of debt maturity would decrease, while interest rate increase by interest rate market reform deepening.Thirdly, credit ration model has been constructed under interest rate repression, and the credit ration effect on debt maturity has been analyzed too. Based on characteristic of investment and financing, the phenomenon of dual credit ration has been analyzed. It is suggest that bank would decrease risk by credit ration because they can't realize the quality of firm's project, after analysis of game model among government, bank and firm. The phenomenon of credit squeeze of bank is in reason, because there is asymmetric information on firm's project. Credit ration is a mechanism to filtrate the more risk project. The screening model has been constructed to explain how can bank screen the firm with high quality project or low by credit ration. The firm with different quality project would choose different debt maturity structure.Finally, there is an empirical investigation of debt maturity choice of Shanghai's A-share corporate. It is suggest that the quality index of firm effect on debt maturity structure choice is not significant, but the asset index of firm effect is significant. The firm with high asset has more long-term debt. It disagrees with signaling hypothesis. Agent cost hypothesis and tax hypothesis isn't supported by empirical investigation too, but time of cash flow hypothesis is supported. The mean of sample firm's short-term debt proportion is 89%, and the debt maturity structures tend to short-term debt. The debt-term proportion of debt maturity is decreasing, while interest rate increase by interest rate market reform deepening... |
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