Analysis of Corporation Debt Maturity Structure in Chinese Listed Companies Based on HLM Method
|School||Zhejiang Technology and Business University|
|Keywords||Debt financing Debt maturity structure Hierarchical Linear Model|
Since the 1950s, since the advent of the MM theory, decision theory of corporate finance in the Finance occupy an important position, the enduring topics in the financial field research scholars from different points of view, respectively, of its depth research and made significant progress. However, in the study of corporate finance decision theory, scholars prefer quantity of debt, the level of capital structure, and rarely involves the combination of the debt itself - the proportion of of enterprises Total liabilities and long-term debt or short-term debt, that the company's debt maturity structure. Even in the study of the company's debt maturity structure, the research focus is concentrated on the internal factors, such as corporate financial distress costs, taxes, agency costs, asymmetric information. But in the social sciences, many research questions are always showing the multi-level, multi-level structure features: when individuals in different groups (groups), the study of the impact factors not only related to the intra-individual factors as macro-level groups of various status also plays a vital role. This study also encountered this problem, the internal factors that affect the debt maturity structure is often influenced by the company's external environment. Particularly like China, a vast land of the country, the level of economic development between the various regions is very uneven, and the imbalance in the level of this development is likely to interact with and internal factors which jointly affect the company's debt maturity structure choice. In order to solve the above problems, this paper uses currently more the multilayer linear statistical model of the cutting-edge methods, will affect corporate debt maturity structure of micro factors and macroeconomic factors included in the model study at the same time, trying to explore the internal factors of the company's debt maturity structure the impact, as well as local economic development is how the composite through the influence of internal factors affect the maturity structure of the debt, and the results show that: (1) the size of the company, the profitability of the company, the company's growth opportunities and the assets of the company structure affect the debt maturity structure of listed companies in China the important microeconomic indicators. The size of the company, the company's growth opportunities and the company's assets structure has a significant positive effect on the company's debt maturity structure. When these three indicators increased, the company should borrow more long-term liabilities so that the increase in corporate debt maturity structure; company profitability of corporate debt maturity structure plays a significant negative impact. (2) The internal factors include the size of the company, the company's growth opportunities and the assets of the company structure of the size of the debt maturity structure of listed companies in China by the regional economic factors. Between different regions, the size of the company, the company's growth opportunities and assets of the company structure of the size of the debt maturity structure of listed companies in China is different. The regional level of savings per one unit increase, the impact of the company's growth opportunities of the company's debt maturity structure increased by 0.0395 units, a decrease of 0.014 units and the size of the company on corporate debt maturity structure; regional per capita GDP for every one unit increase in the size of the company corporate debt maturity structure weakened 0.0143 units; level of investment in fixed assets for every one unit increase in the assets of the company structure of corporate debt maturity structure weakened 0.0649 units; corporate debt maturity structure and company profitability in all between regions of high similarity, there was no significant difference. Finally, from the micro and macro perspectives put forward policy recommendations to optimize the structure of corporate debt financing.