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Throughout the literature of corporate finance decision theory can be found , most of the articles are from the total amount of the financing structure research, upcoming corporate debt as a homogeneous , as if the enterprise is only one type of debt issued , which to study how enterprises should choose between debt and equity is the best . In fact , issued by enterprises of all types of debt , not only to determine the number , but also to determine its deadline , the priority restrictive clauses , with or without guarantees , whether it can be converted , as well as whether redeemable and many other aspects . In other countries, the term structure of the Company began in the 1970s , much later than the sheer level of leverage options . Domestic and even more so , until recently , on the maturity structure of the debt is also one . Therefore , the debt maturity structure of the study has theoretical and practical significance . First, we summarize the characteristics of debt financing structure of listed companies in China , the general characteristics of the debt financing structure of listed companies in China , regional structural characteristics , industry characteristics , timing changes trajectory . Then , the single - equation model of debt maturity as the dependent variable OLS test . Finally , under the assumption that students in financial leverage and debt maturity through the debt maturity and financial leverage as the dependent variable simultaneous equation model 2SLS testing , the use of empirical data of Chinese listed companies to explore the Chinese listed the company 's debt maturity structure factors. The study found that : ( 1 ) single- equation OLS regression results of the model validation hypotheses H1 , H2 , H5 , H6 and H7, which is to support the hypothesis of the agency costs of debt maturity , duration matching hypothesis , information asymmetry hypothesis . ( 2 ) simultaneous equations model test results show that the relationship between debt maturity and growth is no longer significant , insufficient investment This means that a single - equation model assumption is not justified under the simultaneous equation 2SLS regression . That might react to changes in the company's growth opportunities is the size of the role of financial leverage rather than debt maturity , single- equation model may overestimate the impact of the growth of the debt maturity , and therefore distort the growth opportunities and a significant degree. Therefore no longer significant support for the agency cost hypothesis .
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