Debt maturity structure of Chinese companies

Pacific Basin Finance Journal

Volumn 16, Issue 3, 2008, Pages 268-297

  Cai, Kailan ^a   Fairchild, Richard ^b   Guney, Yilmaz ^c  

^a Bank of New York ^*  (Hong Kong)

^b UNIVERSITY OF BATH   (United Kingdom)

^c UNIVERSITY OF HULL   (United Kingdom)

Author keywords

Chinese firms; Corporate debt maturity; Market conditions; Ownership structure; System GMM

Indexed keywords

EID: 47049106813     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.pacfin.2007.06.001     Document Type: Article

References (53)

1. Ang J.S., Fatemi A., and Tourani-Rad A. Capital structure and dividend policies of Indonesian firms. Pacific-Basin Finance Journal 5 (1997) 87-103
2. Antoniou A., Guney Y., and Paudyal K. The determinants of debt maturity structure: evidence from France, Germany and the UK. European Financial Management 12 (2006) 161-194
3. Arellano M., and Bover O. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68 (1995) 29-51
4. Arslan O., and Karan M.B. Ownership and control structure as determinants of corporate debt maturity: a panel study of an emerging market. Corporate Governance: An International Review 14 (2006) 312-324
5. Barclay M.J., and Smith C.W. The maturity structure of corporate debt. Journal of Finance 50 (1995) 609-631
6. Baker M., Greenwood R., and Wurgler J. The maturity of debt issues and predictable variation in bond returns. Journal of Financial Economics 70 (2003) 261-291
7. Barnea A.N., Haugen R.A., and Senbet L.W. A rationale for debt maturity structure and call provisions in the agency theoretic framework. Journal of Finance 35 (1980) 1223-1234
8. Berger A., Espinosa-Vega M.A., Frame W.S.,. Debt maturity, risk, and asymmetric information. Journal of Finance 60 (2005) 2895-2923
9. Billett M.T., King T.D., and Mauer D. Growth opportunities and the choice of leverage, debt maturity, and covenants. Journal of Finance 62 (2007) 697-730
10. Blundell R.W., and Bond S.R. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1998) 115-143
11. Brick I.E., and Ravid S.A. On the relevance of debt maturity structure. Journal of Finance 40 (1985) 1423-1437
12. Brick I.E., and Ravid S.A. Interest rate uncertainty and the optimal debt maturity structure. Journal of Financial and Quantitative Analysis 26 (1991) 63-82
13. Booth L., Aivazian V., Demirguc-Kunt A., and Maksimovic A. Capital structures in developing countries. Journal of Finance 56 (2001) 87-130
14. Cai J., Cheung Y.L., and Goyal V.K. Bank monitoring and the maturity structure of Japanese corporate debt issues. Pacific-Basin Finance Journal 7 (1999) 229-250
15. Chen G., Firth M., Gao D.N., and Rui O.M. Ownership structure, corporate governance, and fraud: evidence from China. Journal of Corporate Finance 12 (2006) 424-448
16. Datta S., and Iskandar-Datta M. Debt structure adjustments and long-run stock price performance. Journal of Financial Intermediation 9 (2000) 427-453
17. Datta S., Iskandar-Datta M., and Raman K. Managerial stock ownership and the maturity structure of corporate debt. Journal of Finance 60 (2005) 2333-2350
18. Dennis S., Nandy D., and Sharpe I.G. The determinants of contract terms in bank revolving credit agreements. Journal of Financial and Quantitative Analysis 35 (2000) 87-110
19. Diamond D.W. Debt maturity structure and liquidity risk. Quarterly Journal of Economics 106 (1991) 709-737
20. Diamond D.W., and Rajan R. Banks, short term debt, and financial crises: theory, policy implications, and applications. Proceedings of Carnegie Rochester Series on Public Policy 54 (2001) 37-71
21. Esho N., Lam Y., and Sharpe I.G. Are maturity and debt type decisions interrelated? Evidence from Australian firms in international capital markets. Pacific-Basin Finance Journal 10 (2002) 549-569
22. Fan D.K.K., Lau C.M., and Young M. Is China's corporate governance beginning to come of age? The case of CEO turnover. Pacific-Basin Finance Journal 15 (2007) 105-120
23. Firth M., Fung P.M.Y., and Rui O.M. Corporate performance and CEO compensation in China. Journal of Corporate Finance 12 (2006) 693-714
24. Flannery M.J. Asymmetric information and risky debt maturity choice. Journal of Finance 41 (1986) 19-37
25. Graham J.R., and Harvey C.R. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics 60 (2001) 187-243
26. Greene W.H. Econometric Analysis (2003), Pearson Education
27. Guedes J., and Opler T. The determinants of the maturity of corporate debt issues. Journal of Finance 51 (1996) 1809-1833
28. Gul F.A. Government share ownership, investment opportunity set and corporate policy choices in China. Pacific-Basin Finance Journal 7 (1999) 157-172
29. Guney Y., and Ozkan A. New insights on the importance of agency costs for corporate debt maturity decisions. Applied Financial Economics Letters 1 (2005) 233-238
30. Hart O., and Moore J. A theory of debt based on the inalienability of human capital. Quarterly Journal of Economics 109 (1994) 841-879
31. Hart O., and Moore J. Debt and seniority: an analysis of the role of hard claims in constraining management. American Economic Review 85 (1995) 567-585
32. Huang G., and Song F.M. The determinants of capital structure: evidence from China. China Economic Review 17 (2006) 14-36
33. Johnson S.A. Debt maturity and the effects of growth opportunities and liquidity risk on leverage. Review of Financial Studies 16 (2003) 209-236
34. Kale J.R., and Noe T.H. Risky debt maturity choice in a sequential game equilibrium. Journal of Financial Research 13 (1990) 155-165
35. Kane A., Marcus A.J., and McDonald R.L. Debt policy and the rate of return premium to leverage. Journal of Financial and Quantitative Analysis 20 (1985) 479-499
36. Kim C.S., Mauer D.C., and Stohs M.H. Corporate debt maturity policy and investor tax-timing options: theory and evidence. Financial Management 24 (1995) 33-45
37. La Porta R., Lopez-De-Silanes F., Shleifer A., and Vishny R.W. Legal determinants of external finance. Journal of Finance 52 (1997) 1131-1150
38. Lam S., and Du J. Information asymmetry and estimation risk: preliminary evidence from Chinese equity markets. Pacific-Basin Finance Journal 12 (2004) 311-331
39. Leland H.E., and Toft K.B. Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads. Journal of Finance 51 (1996) 987-1019
40. Lewis C.M. A multiperiod theory of corporate financial policy under taxation. Journal of Financial and Quantitative Analysis 25 (1990) 25-43
41. Mitchell K. The debt maturity choice: an empirical investigation. Journal of Financial Research 16 (1993) 309-320
42. Morris J.R. Factors Affecting the Maturity Structure of Corporate Debt. Working paper (1992), University of Colorado at Denver
43. Myers S.C. Determinants of corporate borrowing. Journal of Financial Economics 5 (1977) 146-176
44. Myers S.C., and Rajan R.G. The paradox of liquidity. Quarterly Journal of Economics 113 (1998) 733-771
45. Ozkan A. An empirical analysis of corporate debt maturity structure. European Financial Management 6 (2000) 197-212
46. Qi D., Wu W., and Zhang H. Shareholding structure and corporate performance of partially privatized firms: evidence from listed Chinese companies. Pacific-Basin Finance Journal 8 (2000) 587-610
47. Rajan R.G., and Zingales L. What do we know about capital structure? Some evidence from international data. Journal of Finance 50 (1995) 1421-1460
48. Sarkar S. Illiquidity risk, project characteristics, and the optimal maturity of corporate debt. Journal of Financial Research 22 (1999) 353-370
49. Stohs M.H., and Mauer D.C. The determinants of corporate debt maturity structure. Journal of Business 69 (1996) 279-312
50. Titman S. Interest rate swaps and corporate financing choices. Journal of Finance 47 (1992) 1503-1516
51. Titman S., and Wessels R. The determinants of capital structure choice. Journal of Finance 43 (1988) 1-19
52. Warner J.B. Bankruptcy costs: some evidence. Journal of Finance 32 (1977) 337-347
53. Wiwattanakantang Y. An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal 7 (1999) 371-403