{"title":"On Debt Maturity Structure of Listed Companies in Financial Engineering","authors":"Zhang Qiuyan, Zhang Qian, Gan Jingjing","doi":"10.1016/j.sepro.2011.11.050","DOIUrl":null,"url":null,"abstract":"<div><p>We know that the debt maturity structure can influence the intrinsic value of listed companies. That's to say, if we want to price the capital asset, we should study the debt maturity structure of listed companies indirectly. In this paper, we employ financial engineering approach to test the influencing factors of debt maturity structure with the data of 202 listed companies distributed in 11 industries, by the simulation of single equation models and simultaneous equation model, using stepwise multiple regression analysis, and then got the result that, the endogenous relationship between capital structure and debt maturity structure matters a lot. Therefore, when the companies consider this relationship, the short-term debt maturity will not be an effective way to solve the problem of insufficient investment. In contrast, growth opportunity and leverage rate are significant negative correlation. With the role of leverage, growth opportunity will indirectly affect debt maturity structure.</p></div>","PeriodicalId":101207,"journal":{"name":"Systems Engineering Procedia","volume":"4 ","pages":"Pages 61-67"},"PeriodicalIF":0.0000,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.sepro.2011.11.050","citationCount":"5","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Systems Engineering Procedia","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2211381911002037","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 5
Abstract
We know that the debt maturity structure can influence the intrinsic value of listed companies. That's to say, if we want to price the capital asset, we should study the debt maturity structure of listed companies indirectly. In this paper, we employ financial engineering approach to test the influencing factors of debt maturity structure with the data of 202 listed companies distributed in 11 industries, by the simulation of single equation models and simultaneous equation model, using stepwise multiple regression analysis, and then got the result that, the endogenous relationship between capital structure and debt maturity structure matters a lot. Therefore, when the companies consider this relationship, the short-term debt maturity will not be an effective way to solve the problem of insufficient investment. In contrast, growth opportunity and leverage rate are significant negative correlation. With the role of leverage, growth opportunity will indirectly affect debt maturity structure.
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