| Debt financing is an important part of corporate financing.Due to the difference:in the requirements of corporate financing,there are differences in the term structure of corporate financing.Since debts of different maturities will have strict requirements on the arrangement of the company’s debt repayment funds and cash flow,and the different debt maturity structure will make people’s evaluation of the company’s value different.It is the issue to be studied in this paper what is the impact of the debt maturity structure on the company’s value and the extent of this impact.This paper takes as the entry point the relationship between debt maturity structure and company value,selects the listed construction companies with high asset-liability ratio in China as the research object,empirically analyzes the impact of the debt maturity structure of construction industry on the company’s value,and presents a favorable arrangement of debt maturity structure for the company.Besides,there are some advices for improving the company’s value by the adjustment of debt maturity structure in this paper.This paper initroduces and defines related concepts and theories,analyzes the impact path of debt maturity structure on company value,analyzes the basic status quo of China’s construction industry development and the status quo of debt structure,and makes an empirical study for the impact of corporate debt maturity structure on company value.Considering that the different debt financing structures of different industries may affect the research conclusion,this paper selects the panel data of China’s civil engineering construction industry listed companies from 2009 to 2017 as the research sample.The P/B ratio and Tobin’s Q are selected as the measure of the company value.The short-term debt ratio and the long-term debt ratio are selected as the measure of the debt maturity structure,and the company’s size,asset-liability ratio,fixed-asset ratio and main business income growth rate are selected as control variables for this empirical analysis.The consequences of the empirical study have shown that the corporate debt maturity structure does have a significant impact on company value.The research in this paper shows that the short-term debt ratio of listed companies in the civil engineering construction industry is significantly positively correlated with the company’s value.The long-term debt ratio is significantly negatively correlated with the company’s value.The company’s size and the growth rate of main business is significantly positively correlated with the company value.The company’s asset-liability ratio is significantly negatively correlated with the company value.The proportion of the company’s fixed assets is negatively correlated with the company value,but the impact is not appreciable.This paper puts forward relevant suggestions for debt financing of listed companies in the construction industry. |
