Dissertation > Excellent graduate degree dissertation topics show

The Impact of Corporate Debt Maturity Structure on Agent Cost

Author: ChenYiCui
Tutor: LiChunHong
School: Chongqing University
Course: Technology Economics and Management
Keywords: Agent Cost Debt Maturity Structure Panel Data Fixed Effect Model
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 55
Quote: 0
Read: Download Dissertation


Since the MM theorem was established in 1950s,great Progress has been made in corporate finance theory. With the continuous development of capital structure theory and its innovation, scholars pay more attention to the debt maturity structure which is an important content of the capital structure. In the finance theory,the study on corporate financing is inclined to the choice of pure leverage,moreover,the long-term debt and current debt are recognized as homogeneous. At abroad,since the 1970s,Debt Maturity Structure(DMS),as one of the most important part of corporate capital structure,has received more and more concern and attention. Some important theories successively generated, such as agency cost theory, signaling theory, contract theory and so on. In domestic,the study on Debt Maturity Structure has just begun and there exist lots of defects. In addition,with the further development of Chinese capital market,listed SMEs have not only become the main force and excellent representatives of Chinese enterprises, but also the important part of Chinese national economy. The study on the DMS of listed SMEs can describe and explain the reform process of Chinese economy and political structure, reveal and predict the perceptiveness of the Chinese market economy, and reflect and symbolize the Chinese national economy level.In this paper, western mature DMS theory is fully used to prove that the introduction of short-term debt can effectively reduce corporate agent cost and improve the value of corporate. Taking the Chinese listed SMEs as samples to make empirical analysis, it draws the relative conclusion and is aimed to reflect the objective laws of market economy, explain the relationship between Chinese listed corporate agent cost and DMS, and do research on the feasibility of classical DMS theory in Chinese listed SMEs.Along with this theme, the main contents are as follows: Firstly, the related research results of agent cost and debt maturity Structure are reviewed. Secondly the research hypotheses are proposed from signaling theory and contract theory. After the empirical analysis, it concludes that significant negative correlation between agent cost and short-term debt ratio exists. At last we came to the conclusion that we should establish internal supervision mechanism,improve the external constraint mechanism and increasing governmental relative policies ,what’s more, strengthening the relative legal and superintendent is necessary.

Related Dissertations

  1. Research on the Regional Difference and Influence Factors of China’s Carbon Emissions,X502
  2. Convergence analysis of the regional energy consumption intensity,F206;F124
  3. Study on the Relationship between Industrial Structure Upgrading and Convergence Tendency of Financial Services Industry in the Central Region of China,F832.2
  4. Heterogeneity in Dynamic Discrete Choice Models,O211.62
  5. Empirical Study on the Impact of Managerial Power on Corporate Financing Behavior,F276.6;F224
  6. A Study on How Managerial Overconfidence Impact Capital Structure in the Medium and Small Listing Companies,F276.6;F224
  7. Research on Impact of Foreign Strategic Shareholders to Operating Efficiency of Commercial Banks,F832.2
  8. Based on Panel Data Model Chinese inbound tourism demand influencing factors,F224
  9. Industrial development model of design research,F224
  10. Jiangsu Province, Financial Development and Urban Income Gap An Empirical Study,F124.7;F224
  11. China 's foreign trade structure and industrial structure of the feedback mechanism of the interaction,F121.3;F224
  12. Industrial agglomeration and urbanization interaction studies,F299.2;F224
  13. Urbanization Response Mechanism of energy consumption,F299.2;F206
  14. Chinese provinces government procurement and technological innovation Empirical Study,F124.3
  15. The Effect of Foreign Direct Investment on the Industries’ Income Gap in China,F124.7;F224
  16. An Empirical Study of Internal Governance of Listed Companies Impacts on Cash Holdings,F275;F832.51
  17. An Empirical Research on the Impact of Capital Adequacy Ratio on Credit and Economy,F832.4;F124
  18. Analysis and Forecast of Health Care Expenditure and Its Constitution Based on Panel Data Model,R197.1
  19. China's urban pension insurance on human capital investment,F224
  20. China 's urban housing prices speculative factors assessment,F224
  21. Property tax on real estate price impact,F293.3;F224

CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
© 2012 www.DissertationTopic.Net  Mobile