Debt maturity structure of Chinese companies |
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| Institution: | 1. School of Economics, Beijing International Studies University, Beijing, China;2. School of Finance, Capital University of Economics and Business, Beijing, China;3. School of Finance, Central University of Finance and Economics, Beijing, China;1. Plymouth Graduate School of Management & Plymouth Business School, University of Plymouth, Plymouth, United Kingdom;2. College of Business & Economics, UAE University, Al Ain, United Arab Emirates;3. Champagne School of Management, Troyes, France;4. IRG, Université Paris Est, Créteil, France;1. College of Business Administration, King Saud University, Saudi Arabia;2. Champagne School of Management, Troyes, France;3. IRG, Université Paris Est, Créteil, France;4. IPAG Lab, IPAG Business School, France;1. College of Management and Economics, Tianjin University, 92 Weijin Road Nankai District, Tianjin 300072, China;2. Department of Finance, National Dong Hwa University, Hualien 97401, Taiwan;1. School of Economics and Management, Dalian University of Technology, Dalian 116024, China;2. School of Accounting, Dongbei University of Finance and Economics, Dalian 116025, China |
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| Abstract: | Numerous studies have focused on the theoretical and empirical aspects of corporate capital structure since the 1960s. As a new branch of capital structure, however, debt maturity structure has not yet received as much attention as the debt-equity choice. We use the existing theories of corporate debt maturity to investigate the potential determinants of debt maturity of the Chinese listed firms. In addition to the traditional estimation methods, the system-GMM technique is used to explicitly control for the endogeneity problem. We find that the size of the firm, asset maturity and liquidity have significant effects in extending the maturity of debt employed by Chinese companies. The amount of collateralized assets and growth opportunities also tend to be important. However, proxies for a firm's quality and effective tax rate apparently report mixed or unexpected results. Debt market and equity market conditions are also examined in relation to corporate loan maturity. The system-GMM results show that market factors seem to influence debt maturity decisions. Finally, corporate equity ownership structure has also been found to have some impact on debt maturity mix. |
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