Research On Impact Of Ownership Structure On Debt Maturity Structure

Debt maturity structure is mainly refers to enterprise’s total debt, the relations between the proportion of long-term debt and short-term debt. Debt maturity structure is vital In the corporate debt financing decision, and debt maturity structure theory is a main part of corporate financing structure theory. Enterprises can control the overall risk of the company by adjusting the debt maturity structure. As the basis of the corporate surplus control power and residual claiming right, the ownership structure will inevitably make shareholders to supervise and control managers, and lead to different financing structure, which leads to different debt maturity structure. Therefore, according to our country’s special equity structure and the complexity of capital market, etc., studying the present situation of debt maturity has very positive theoretical and realistic significance.On the basis of theoretical analysis, this paper systematically analyzed the correlation of the debt maturity structure and the first big shareholder shareholding, equity balance degree, proportion of state-owned shares, legal person share proportion, free float, management ownership, and then puts forward reasonable research hypothesis according to the theoretical analysis. The results showed that debt financing is mainly short-term debt in China’s A-share manufacturing listed companies. In this paper, five of seven hypothesis are validated, the relationship between the first big shareholder shareholding and the debt maturity structure is significant negative correlation; The relationship between legal person share proportion and the debt maturity structure is significant positive correlation; The relationship between free float and the debt maturity structure is significant positive correlation; The relationship between management ownership and the debt maturity structure is significant negative correlation; Negative relationship between management ownership and debt maturity structure is more pronounced in relatively concentrated equity of listed companies than in diffuse ownership and equity concentration of listed companies. Negative relationship between equity balance degree and the debt maturity structure and proportion of state-owned shares between equity balance degree and the debt maturity structure have not been verified.