Affect The Debt Maturity Structure Factors Of Chinese Listed Companies Empirical Research

Compared with equity debt as finance way is more agility andsensitive. It is closely bound up with value and risk of the enterprises. Tothe managers debt can not only meet the demand of firms' operation anddevelopment but also be referred to corporate governance and futurebusiness plans. Especially in Chinese listed companies because of State -owned shares' losing control the stockholders-regulating mechanism cannot play up to the full. It is necessary for us to set up the corporategovernance based on debt-regulating mechanism. So it has great theoryvalue and operation significance to research on debt finance in China. Tothe varied functions in corporate governance debt can be classified intotwo groups: long-term debt and short-term debt. And some fundamentalproblem can be found in the research of debt maturity structure. It is animportant part of the study on debt finance. In such a background I chose"An empirical study on factors affecting debt maturity structure" asthe topic of my dissertation.Firstly I conclude the theories about debt maturity structure fromfour sides: agency theory, signaling theory, tax based theory andimmunity theory. Based on these theories and considered with thecharacteristic of Chinese listed companies I bring forward 11 factors thatmay be affecting the firms' debt maturity structure. Formatting a multiplelinear regression model and taking the data to regress by stepwise. Thedata are collected from three industries: medical industry, informationtechnology and electric power industry and totally 120 samples. Theresult shows that there are four factors affecting debt maturity structuresignificantly: fixed-assets ratio, equity debt ratio, assets duration andP/EPS. So the empirical data from Chinese listed companies support apart of signaling theory and reflect the characteristic of the choice inChinese financial markets. Because of general adoption of the marketprinciple not applied in Chinese interest rate the creditor have no choicebut to decrease the unsecured loan to reduce the risk. If the business riskis high the companies' debt maturity structure will be significantlyaffected by inventors' choice. Contrariwise it will be chosen from theinterests of the business.In the end of the dissertation three proposals are tabled to optimizethe debt maturity structure.