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Ownership Structure’ Influence on Debt Maturity Choice of Listed Companies

Author: WangKaiKai
Tutor: QinJiangPing
School: Shihezi University
Course: Accounting
Keywords: Debt maturity structure Ownership Structure Market process
CLC: F276.6;F224
Type: Master's thesis
Year: 2010
Downloads: 53
Quote: 0
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Abstract


Decision theory of corporate finance has been in finance have occupied a very important position, becoming the subject of enduring the financial field, many scholars have conducted in-depth research and has made significant progress. Foreign financial theory that improper debt maturity mix would jeopardize the financial security, more serious is likely to endanger a country's financial security. In China, the degree of inter-regional market, there is a huge difference in the company's governance and debt performance mechanisms have an important impact, state ownership Vacancy in question, making shareholders binding mechanism is not functioning well, but need to build on debt constraints based on the governance structure. Therefore, to explore ownership structure of debt maturity structure chosen, and further optimization of the debt financing structure, is one worthy of our study. In this paper, a systematic review of the western influence factors on the maturity structure of the debt on the basis of the empirical literature, normative analysis and empirical analysis using a combination of methods, starting from the real problems our country to study ownership structure of debt maturity structure selection effects and focuses on under different market process the largest shareholder, a few large shareholders, the ultimate controller of the nature of property rights and the debt maturity structure of the relationship is different. This paper selected 2003-2008 Shanghai and Shenzhen A-share listed companies as samples, and take the market process reports to measure the average of five years from 2006 to 2008 the market process, empirical research found that: (a) Section a large proportion of shareholding and debt maturity structure significantly negatively correlated. (2) the proportion of a few large shareholders and debt maturity structure significantly correlated. (3) Compared with the areas of good governance environment, the largest shareholder, and other minority largest shareholding ratio and debt maturity structure of relations in the areas of poor governance environment to be more significant. (4) the proportion of state-owned shares negatively correlated with debt maturity structure. (5) the nature and ultimate controlling equity debt maturity structure is not significant, but different governance environment, the ultimate controller of the nature of property rights and debt maturity structure choice between or different. (6) the proportion of tradable shares a negative correlation with the debt maturity structure. (7) managerial ownership and debt maturity structure is not significant. According to research findings, this paper proposes policy recommendations, and pointed out the shortcomings and the subsequent paper research proposals.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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