| The theory of debt maturity structure is an important component of the theory of corporate finance structure, it’s mainly a focus on the optimal combination of short-term and long-term liabilities. Under the background that our country enterprise debt maturity is generally low. this paper studies the influence of corporate social responsibility (CSR) on debt maturity constraints, and discusses significant differences that CSR influences the debt maturity constraint from the perspectives of ownership properties of different ultimate controllers. Enterprises which strengthen corporate social responsibility could provide a new perspective for solving the problem of corporate finance. Taking listed companies and Shanghai Stock Exchange Governance Sector from2007to2011as samples, through the empirical study we find that good CSR can reduce debt maturity constraints. Due to the difference of system backgrounds of ultimate controllers, the influence of CSR on debt maturity constraints is also different, which is very obvious for state-owned and family enterprises. Finally, based on the previous research results, from the market, the government, the enterprise aspect, we put forward several policy suggestions to strengthen the better performance of the social responsibility consciousness, reduce the financing constraints. With Chinese national conditions, the research on debt maturity constraints is helpful for further development of modern financing theory. It also has a practical significance on the rational allocation. |
