The Study on Debt Structure Based on Ultimate Control Right
|Keywords||debt maturity structure debt category structure debt priority structure ultimate control right|
It is a practical question for the choice of debt structure in the market-oriented process of company. From 1980’s,many researchers have engaged in the study what kind of factors influencing debt financing structures. The study on the factors influencing the debt structure has gain some fruit. But in our nation, academicians usually bring debt maturity structure into focus, and the study on debt category structure and debt priority structure is out of focus. In the mean time, there is little study paying attention to ultimate control right which can also influence the debt structure. The research of La Porta(1999)showed that there was a phenomenon of ultimate controller of the corporations in most of the countries and the characteristic was a deviation between the control right and the cash flow right. The ultimate controllers controll the corporations and usurp on the behalf of other stockholders. Our academicians have already studied on ultimate control right and proved that ultimate control right could influence the value and performance of the corporations. The ultimate controller takes use of the equity non-dilution effect to choose the capital structure. Considering the difference of debt structures, there is little study on the relationship between ultimate control right and debt structures.The paper starts with ultimate control right agency problem, fishing for the relation between looking for the ultimate control right and debt structure choice combining with the characteristic of debt, after expatiating on debt maturity structure, debt category structure and debt priority structure. On arranging the basis analysing our country listed company three kinds debt structure and ultimate control right current situation, the main body of a book the union ultimate control right allocation characteristic, chooses 2005-2007 private listed enterprises being a sample book, analyses, explores an impact of ultimate control right allocation characteristic over debt structure owing to that ultimate control right carries out demonstration on three kinds debt structure.The main body of the paper go into discovers, the index reflecting the characteristic that ultimate control right deploys has indeed to debt structure effect, the type moves downwards but in different controlling, to different debt structure, have notable effect’s the index reflecting ultimate control right allocation different to some extent. The result studying is indicated:ultimate control right is increasingly big, ultimate control right and ownerhip right deflect degree to prefer funded debt more as being bigger,; The ultimate control right is increasingly big, ultimate controller to prefer business credit increasingly.In the relative controlling private listed enterprises, the controlling power and ownership right deflect degree preferring the high priority rank debt type more as being bigger.