Research On Debt Maturity Structure Of China's Listed Companies

The target of Chinese state-owned enterprises' reformation is building modern enterprise system. So whether the object is achieved relies on whether the activities of those reformed companies are in correspondence with modern enterprise's requirement, especially whether the financing behavior has modern enterprise's characteristics. This paper focused on debt maturity structure and examined marketing characteristics of debt financing of China's listed companies. Firstly, we retrospected and estimated literatures of corporation debt maturity structure, establishing a basis of fully analyzing corporation debt maturity structure of China's listed companies. Then the article discussed the characteristics and determinants of corporation debt maturity structure of China's listed companies, and pointed out that debt maturity choices of China's listed companies are reasonable and consistent with marketization, basically not affected by non-marketing factors. Based on international comparison of corporation debt maturity structure, our paper argued that the debt maturity structure of China's listed companies would progress and optimize a lot, followed by improvement and liberalization of China's market and institutional environment. Finally, this paper put forward some specific policies to how to optimize corporation debt maturity structure of China's listed companies.