Study On Debt Maturity Structure Of Chinese Listed Companies

My paper mainly studies the existing situation of the debt maturity of Chinese listed companies'in A share securities market and its impact factors and determinants, then analyses the applicability of the classical debt maturity theory in China.As a main part of corporate financing structure theory, debt maturity structure theory mainly studies the optimization of the long-term debt rate and short-term debt rate. In 1970s',the economists began to study the debt maturity structure .By now,there has been a great deal of debt maturity structure literature. And contracting-cost hypotheses, signaling hypotheses, tax hypotheses and maturity matching hypotheses (also called Immunization hypothesis )have been well-known, while Tobin's Q, the grow, the asset maturity, the size, the quality, the marginal rate and the non-debt tax shield are known as the main determinants to corporate debt maturity structure. Meanwhile, the trade and the economic developing level have a strong impact on the corporate debt maturity, too.Taking non-finance Chinese listed companies in A share securities market as the example, the paper applies statistical and metric method, rational analysis and empirical evidence to study the existing situation of the debt maturity structure and its impact factors and determinants. With the help of SPSS, the paper analyzes 656 sample companies'financial data from 1998 to 2004 to describes the debt maturity structure's existing situation, while applies their financial data from 2001 to 2004 to analyze the determinants of debt maturity structure. In order to analyze the impact of trade and economic developing level, the paper employs 1164 non-finance companies'finance data of 2003 and the data of China Statistical Yearbook (2004).The paper also uses One-way ANOVA and stepwise regression to help the empirical evidence.According to the analysis of the debt maturity of Chinese listed companies in A share securities market, I find that the rate of long-term debt is much lower than short-term debt, some even reach zero degree. Therefore, I draw a conclusion that most of Chinese listed companies prefer the short-term debt.