Study On Factors Influencing The Debt Maturity Structure Of Chinese Listed Companies

Since the MM theory of modern create enterprise capital structure theory, financial theory core issues with one's capital structure theory, there appear a large number of papers. With the continuous development of capital structure theory, the focus of the study of basic structure turn capital leverage to debt structure feature selection. The debt maturity structure of the balance theory hypothesis, agency cost theory, information asymmetry hypothesis and tax hypothesis are based on the development of capital structure theoryCompared to foreign mature financing environment, China's economic transformation of the form of financing environment is not mature, the capital unbalanced development, the distempered investor protection, in debt maturity structure of listed companies is more complicated factors. Exactly what factors affecting China's listed companies debt maturity structure of choice? Western debt maturity structure theory can explain listed Chinese corporate debt maturity structure of choice? These problems are expected to be a theoretical analysis and empirical research. In this article, under the background of Chinese listed companies on debt maturity structure factors, theoretically macro factors and micro factors on the listed companies in China, the influence of debt maturity structure of listed companies factors and further through corporate debt maturity structure, the empirical analysis of four foreign debt maturity structure theory can be applied in China? The listed companies in China absorb the experience abroad, optimize its structure, promote the debt to improve economic efficiency, it is instructive significance not only helps better understand China's actual background in debt, and the choice of policy can regulate the financing behavior of Chinese listed companies, and improve the financing efficiency of capital market, promoting the healthy development. Therefore, analysis of Chinese listed companies, corporate debt maturity structure influencing factors to the sustainable development of listed company has important theoretical and practical significance.This paper will be divided into six chapters. Specific content as follows:The first chapter introduces the background and significance of the study firstly, secondly, the related literature at home and abroad were summarized in this paper, the main research contents, the research methods and the innovation and the insufficiency. The second chapter mainly introduces the debt maturity structure theory from foreign scholars. The theories mainly divided into balance theory, agency cost theory, tax hypothesis and information asymmetry hypothesis.The third chapter introduces the listed companies in China debt maturity structure characteristics. Debt maturity structure and introduced the related concept, and select the 2000-2009 in Shenzhen, Shanghai listing of all non-financial listed companies of mixed data, corporate debt maturity structure descriptive statistics analysis. Find the listed companies in China, low debt remain in 13% of the basic level.The fourth chapter introduces the listed company of debt maturity structure analysis. Mainly analyzes the effect of macro factors and micro factors. Macro factors include the overall economy from the macroscopic level, the capital market development level, the legal system environment and Interest rate marketization level expounds how they influence the listed companies in China, then the debt maturity structure from industry, corporate governance and company feature three micro-factors to influence the debt maturity structure analysis.The fifth chapter listed corporate debt maturity structure influencing factors of empirical analysis. On the basis of theoretical analysis, based on the characteristics of the validation balance theory, agency cost theory, tax hypothesis and information asymmetry hypothesis is suitable the actual situation in our country, this chapter relevant company feature variables selection of empirical analysis of debt maturity structure. The empirical results show that after share-trading reform of listed companies, the agency cost theory and balance theory can be verified, the signal transmission theory less supported, the theory of taxation not supported.The sixth chapter Based on the theoretic analysis and empirical analysis, we get relative conclusions and put up policy Suggestions to optimize our debt maturity structure of listed company.