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Research On Relationship Between The Separation Between Ultimate Ownership And Ultimate Controlling Rights、Balance Mechanism Of Shareholding And Debt Maturity Structure As Well As The Financing Efficiency

Posted on:2017-02-12Degree:MasterType:Thesis
Country:ChinaCandidate:X ZhengFull Text:PDF
GTID:2349330512964976Subject:Accounting
Abstract/Summary:PDF Full Text Request
Debt maturity structure will affect the company’s operating efficiency and financial policy,proper debt maturity structure can eliminate the agency conflicts in the company,and maximize the company’s market value.As a hotspot in the research of the theory of corporate governance,especially the distribution structure of equity ownership restriction also affect the internal agency conflict between shareholders and outside investors,could be an important factor affecting corporate financial decisions.So the potential relationship between the structure of debt and equity restriction could not be ignored.Begin with the the agent conflict caused by the phenomenon of the separation between the ultimate control rights and cash flow’s rights and combined with the special institutional background in China,we could infer how the equity restriction affect the debt maturity structure of private enterprises.Then we make an empirical analysis of theory that the relationship between the equity balances and debt maturity structure as well as debt financing efficiency.This paper analyzes how equity restriction affect the debt maturity structure and the financing efficiency in the condition of the existence of separation of control right and cash flow right..So this paper could come up with the viewpoint about financing problem of private enterprises in the capital market in our country.The sample contained 840non-financial private listed companies.The total sample was a balanced panel data of4200.The models in this paper contained t non parametric test,ordinary least squares method and two-stage least squares method and other methods.The results showed that the separation of two rights is a common phenomenon in private enterprises,equity structure has a significant impact on debt maturity structure indeed.Let’s cometo the conclusions :(1)With the increasing of the degree of separation of cash flow right and ownership,the private enterprise’s debt maturity will shrink;(2)Had the equity balance degree improved,the proportion of long-term debt to total debt ratio will increase as well;(3)Equity restriction can optimize the debt maturity structure then improve the efficiency of debt financing.
Keywords/Search Tags:Separation of cash flow right and ownership, Stock proportion restriction, Debt maturity structure, Debt financing efficiency
PDF Full Text Request
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