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Corporate debt financing structure is a very important part in deciding how to use debt financing when choosing the right debt maturity structure of corporate financing decisions in the face of important issues. Because long-term liabilities and short-term liabilities with the costs and risks will lead to differences in corporate , different maturities of debt on firm value is also different. In the Chinese capital market environment today , the rapid development of the stock market , listed companies from the stock market to raise a large amount of equity capital , debt financing is relatively small. Throughout the listed company 's main sources of debt financing is bank credit , which makes long-term liabilities listed companies showing a low proportion , a higher proportion of short-term liabilities characteristics . In recent years , corporate governance and debt maturity structure , whether in practice or in theory exist on both insufficient, and as China's completion of the share reform , as well as the gradual opening of the corporate bond market , corporate governance and the bond market has been highly attention. Therefore, studies of corporate governance and the relationship between debt maturity structure in theory and in practice a lot of sense . This study selected based on differences in competition in the industry nearly perfectly competitive electronics industry , with strong regional characteristics of monopolistic competition in retail , strong monopoly utility industry listed company as a research sample . First, the debt maturity structure of relevant theory and empirical research status were reviewed and summarized , and then in various industries to conduct a detailed analysis of corporate governance , the last in the theoretical analysis , based on the three listed companies in the industry data for the year 2006-2009 empirical test . The empirical results show that the corporate governance structure, especially the internal governance characteristics affect the choice of corporate debt maturity structure . Studies have shown that electrical and electronic industry , retail , public utilities industry in the proportion of the largest shareholder , management ownership and debt maturity structure of the relationship is the same , while the proportion of state-owned shares , the proportion of corporate shares , the proportion of tradable shares , the Board of Directors scale , the proportion of senior salaried personnel relationship with debt maturity structure of competition in the industry due to differences vary.
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