Empirical Research On Influence Factors Of Debt Maturity Structure Adjustment Of Listed Companies In China

Financing is one of the indispensable means to enterprise development,the use of bond financing should first consider the choice of debt maturity structure,at the same time the debt maturity structure choice is an important financial decision-making behavior,the company adjust the debt maturity structure,will directly affect the enterprise financing costs,due debt repayment risk,and the trend of the future.In recent years the world economy in the doldrums,the high-speed growth of China's economy has entered a new norm,which makes China faces economic transformation,the problem such as development pattern adjustment,therefore,to study the factors affecting corporate debt maturity structure,and optimize the debt maturity structures are play an important role on the transformation of enterprise development.In this paper,the balance panel data is used to construct the dynamic adjustment model,which USES the generalized distance GMM estimation and the two-step method and the robust standard error empirical test to verify the influence factors of the debt term structure adjustment.The study found that Chinese listed companies have been reducing the proportion of long-term debt structure in the last six years.Adjustment cost is an important factor influencing the adjustment of debt maturity structure.Do not tally with the agency cost hypothesis,this paper studies found that the growth index of main business profitability and debt maturity structure adjustment was significantly positive correlation,indicating that the theory of liquidity risk hypothesis point of view,and the growth ability strong enterprise bankruptcy risk is higher,so the growth of debt proportion to avoid liquidity risk.Corporate leverage ratio and debt maturity structure adjustment was significantly positively related to the trend,consistent with the liquidity risk theory hypothesis,highly indebted large enterprises are facing bankruptcy risk preference choice thus long-term debt.Asset period and adjustment was significantly positively related to debt maturity results,the results show that debt maturity matching theory,Chinese listed companies according to their own assets condition to take measures to adjust the debt maturity structure,and assets more long more preference to choose more long-term debt,on the contrary,the shorter the term asset,the enterprise will be lowered accordingly long-term debt proportion in the total debt.In order to further study the influence factors of debt maturity structure of listed companies to adjust,joined the gem listed companies empirical research,this paper found that growth higher gem companies are more focused on the agency cost of the investment shortage problem,the enterprises are facing the problem of agency for more serious,so choose to shorten the debt maturity structure to reduce agency cost problem.In addition the gem listed companies more for emerging enterprises,financing caused by its own characteristic bargaining power is low,given the adverse selection problem,the gem the debts of the enterprise can choose a shorter period.In this paper,in combination with the practical situation of the empirical results and market to the bond market investment insufficiency,the innovative enterprise financing difficulties,corporate deleveraging,series of problems such as lack of information disclosure mechanism,and put forward the enterprise should focus on debt maturity selection problem,increase the intensity of deleveraging,expand low-cost financing products,improve the rating system.