Study Of Macro-level Factors On The Impact Of Debt Maturity Structure

The decision-making of debt maturity structure not only directly affects the debtor's financing costs, liquidity risk, investment decision, but also affects the creditor's economic benefits and operational risks to a large extent. At a deeper level, the debt maturity structure will also affect the investors' judgments of the risk and value to the debtor, affect the macro-level capital flows and the capital allocation efficiency to the country. Therefore, the research of this theme is with significant practical importance.This paper suggests a general framework to understand the debt maturity structure. Concentrated on different Micro-level factors, the dissertation makes theoretical analysis and empirical testing on the determinants of debt maturity structures of Chinese listed companies.In addition to Introduction and research conclusions, this paper is divided into four parts. The main contents of each part are as follows:Part 1 is focus on the characteristic of debt maturity structure in Chinese listed companies. The paper analyzes the financing condition, characteristic of different industry. Generally speaking, nowadays Chinese List Company favors debt financing, especially on short debt. There is distinct difference in different industry.Part 2 analyzes theoretically how Micro-level factors affect debt maturity structure from the following four aspects: the economic development, macroeconomic policies, financial and capital market development and the legal environment.In part 3, the author construct a time series model to studies the choice of debt maturity structure of Chinese listed companies affected by Micro-level factors. The author regarded the whole non-financial listed companies as the sample of observation, to test if the changes of macro-level factors on time series have influence on debt maturity structure. The result shows that the changes of Micro-level factors have important influence on debt maturity structure of Chinese listed companies.The main innovations of this paper are as follows:Firstly, this paper is a complement of existing research for debt maturity structure, which empirically analyses the debt maturity choice of Chinese listed companies based on extant works in western developed countries and institutional characteristic of transition economy in China.Secondly, this paper tries to explain the formation of our list companies' debt maturity structure from the game relationship between the debtor and the creditor, which overcomes the shortcoming that only focuses on the debtor (listed company) to study the debt maturity structure.