An Empirical Study About The Factors Which Impact On Debt Maturity Structure Of The Family-Listed Business

Recently, the studies of the debt maturity structure have mostly focused on the Anglo-American and some other Western developed countries. But, the studies about the factors which impact on Chinese family-listed companies'debt maturity structure are really few. Reading a lot of the relevant researches, we found that the researches are not classified on the basis of china's different listed companies, so the research's results turned differently. Therefore, In order to find some useful results which make sense, the article classify china's listed companies attempt to further the study. According to the state-owned listed companies to a certain extent by the intervention of government which leading to a lack of objectivity of research results and china's private listed companies which mostly controlled by family, the article pay more attention to the family-listed companies. The family-listed companies will be separated into FFB and N-FFB. The main reason for such a classification which taking into account the nature of FFB and N-FFB. The different corporate culture will come up with different corporate governance, structure, and behavior which would lead to different debt maturity structure. Furthermore, only by comparing the difference in all aspects, can we found the major factors which impact on debt maturity structure.So, the article rationally classify 261 family-listed companies in Shanghai and Shenzhen exchange market, then estimate the factors which will impact on its'debt maturity structure using OLS model. Finally, we found that:Without consideration of others factors (corporate scale, duration of asset, corporate leverage, corporation growth, cash-flow gap, political and financial background), FFB have higher debt maturity structure level than N-FFB. It reflects that the supply side of long-term funds focus on corporation's potential in case of loan decisions. They believe that FFB have lower agent cost than N-FFB and more power to make a progress. Then, with a deep research, we found different family companies have different factors on debt maturity structure level. In FFB, the larger corporate scale, the higher debt maturity structure level. In N-FFB, the longer duration of asset, the higher debt maturity structure level. Although, there are some differences between them, a same factor also exist which is Political and Financial Background.In conclusion, Under our special economic system, others factors (corporate scale, duration of asset, corporate leverage, corporation growth,cash-flow gap) haven't an important impact on debt maturity structure level of family businesses. On the one hand, the suppliers of long-term funds rarely take account on the factors which mentioned before. There is a long way to go in risk control. On the other hand, the suppliers of long-term funds often pay more attention to Political and Financial Background and whether you are FFB or N-FFB.