Financial Development, Ownership Concentration And Debt Maturity Structure

Debt is a important way of enterprise fund-raising, almost none of the enterprise is only rely on their own capital,and do not use debt leverage can satisfy the need of funds. At present,foreign scholars toke a lot of work on the corporate debt maturity structure, priority,and debt contract. Among them,the debt maturity structure is an important part of the capital structure theory,is also the important content of modern enterprise financial decision-making. Different period and nature of the debt have influence that cannot be ignored to the company’s operations and investment behavior. Corporate debt maturity structure refers to the total corporate liabilities,the composition of the medium and long-term debt and short-term debt structure and proportion. There are many factors that can influence of debt maturity structure, such as: enterprise future growth options, free cash flow,information asymmetry degree and the actual income tax rate etc. Recent years,scholars focus from endogenous factors to the outside world on the influence of environmental factors,such as the national system, governance,environment etc. Due to the situation of our country is very special,our country is vast territory,the economy and the system level is a very difference in different parts of the state,the difference of external conditions for all have important influence on corporate governance and ownership structure. Big shareholder’s stake constraint mechanism determines the shareholders cannot give full play to the role,whether to need to build a debt restraint mechanism for corporate governance. Therefore,explore the ownership concentration on the influence of debt maturity structure choice,to optimize the structure of debt financing, is a question worth to study. In this paper,the theoretical basis of research on the debt maturity structure of both at home and abroad,combined with the status quo of China’s economic reform,the level of financial development as an important external influence of debt maturity structure factors,analysis under the different level of financial development,the relations between ownership concentration and debt maturity structure.First of all,this article summarized the debt maturity structure and the related theory of financial development. secondly,reviewed the related literature at home and abroad. Last but not the least,analysis of China’s financial development level and the ownership concentration on the influence of debt maturity structure based on theresearch of scholars at home and abroad,and puts forward some assumptions. In the empirical analysis part,Eeviews software was applied to a-share listed on stock markets of Shanghai and Shenzhen in 2012-2014 year of 1244 companies. A total of 3732 sample data for empirical test,and get the following conclusions:(1) The level of financial development and negatively correlated with corporate debt maturity structure. In regions where the higher the level of financial development, the shorter the listed company’s debt maturity. In the financial system, high level of economic regions,fierce competition between Banks consciousness to make them more willing to choose to issue short-term loans to reduce risk.(2) The ownership concentration and corporate debt maturity structure were positively correlated. The first big shareholder control of the equity,the more the tendency to choose the enterprise long-term loans.(3) In regions with high levels of financial development,the correlation of ownership concentration and corporate debt maturity structure are more significant compared with low level of financial development in the region.According to the research conclusion, this paper puts forward the policy suggestions and points out the deficiencies and further research Suggestions.