Study On Debt Maturity Structure Of Baotou Steel Rare Earth

Since the MM theorem was founded, financial researchers have been concerned about the theory of"enterprise financing decision-making theory". With the development and innovation of this theory, overseas researchers gradually move from the study of selecting a basic leverage in capital structure to the study of selecting more detailed debt structure. That is to say they no longer take a company's debt to be wholly identical, and they pay more attention to debt maturity structures. There are mainly four formative theories: the Agency Cost Theory, the Maturity Matching Theory, Taxation Theory and Asymmetric Information Theory. In China, the study of debt maturity structure was later. But in the recent 3 years, we can get more and more literatures, which are expanded in width and depth. This thesis, by means of empirical study, attempts to find the factors influencing the decision-making of an enterprise debt maturity structure and to forecast the relationship between the debt maturity structure and enterprise value, which can make reference to the enterprise decision-making in reality.First of all, based on the detailed research, the thesis concludes that different academic models emphasize different influential factors, and analyses the relationship between existing research and this thesis.Secondly, the thesis collects data of debt maturity structure in the listed company, which is in our country, in rare earth, and in Inner Mongolia. By contrast with those companies, the location of REHT debt maturity structure was located. (Inner Mongolia Baotou steel rare-earth hi-tech company, Ltd is called REHT for short.)Thirdly, according to the data during 10 years from 1999 to 2008 in REHT, this thesis examines the determinants of corporate debt maturity by means of descriptive statistics, correlation analysis and regression analysis in SPSS16.0.Finally, this thesis forecasts the interdependent relation between debt maturity and enterprise value in REHT, and determines debt maturity structure to maximize enterprise value for REHT.