Empirical Study on the Debt Maturity Structure Based on the Macroeconomic Variables

Abstract

By the agency costs theory and the expectation theory, the relationships between the enterprise debt maturity
structure and the economic aggregate indexes such as the economic development level, the inflation, the money
supply, and the macro-tax burden are empirically tested, and the result shows that the GDP growth rate and the
macro-tax burden present the positively correlative relationship with the enterprise debt maturity, and the
inflation and the money supply present the negatively correlative relationship with the enterprise debt maturity,
and the both relativities are significant, which indicates that the debt maturity structure of Chinese listed
companies is significantly influenced not only by many interior characteristics such as the enterprise size, the
assets maturity, and the growth, but also by the macroeconomic factors.