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1、IMPACTOFMANAGERIALSTOCKHOLDINGONDEBTMATURITYSTRUCTURE:BASEDONEMPIRICALEVIDENCEOFFINANCIALSTRENGTHPERSPECTIVEABSTRACTBasedontheperspectiveoffinancialstrength,intheframeworkoftheagencycosthypothesisandthetheoryofinformationasymmetryhypothesis,weusethedataofnon-financial
2、listedcompaniesin2007to2013asstudysample.Thisisthefirsttimetostudythefinancialstrengthstrong,financialstrengthmoderate,financialstrengthweakthreekindsoflistedcompaniescomprehensively,theimpactofmanagerialstockholdingondebtmaturitystructure.Firstly,thispaperreviewsthem
3、aintheoreticalhypothesisofdebtmaturitystructure.Secondly,fromtheimpactofmanagerialstockholding,debtmaturitystructureandmanagementownershipofthedebtmaturitystructureofthethreeaspectsoftheliteraturereview.Thenitanalyzesthestatusquoofthedebtmaturitystructureoflistedcompa
4、nies,takingintoaccountthe2006forthefirstyearofimplementationofthenewaccountingstandards,therearechangesinthedataanomalies,sothisarticleselectthe2007to2013ofabalancedpaneldataforempiricaltestresultsthereisasignificantnegativecorrelationbetweenmanagerialownershipanddebt
5、maturitystructure.Thisisthefirsttimetobaseontheperspectiveoffinancialstrengthtoanalyzetheimpactofthemanagementtothedebtmaturitystructure.AccordingtoAltman(1968)conclusionofthestudy,theresearchdividethesamplestofinancialstrengthstrong,financialstrengthmoderate,financia
6、lstrengthweak,threesub-samplesandtodotheempiricaltest.Combinationofpropertyrights,subdivisionofdifferentrightsfordifferentfinancialstrengthofthecompany.Bygroupingcomparison,thehiimpactofitsstakeinthefinancialstrengthofthecompany'smanagementofthedebtmaturitystructureto
7、besignificantlystrongerthantheweakfinancialstrengthofthecompany.Comparewiththefinancestrengthstrongstate-ownedcompany,inthefinancialstrengthweakstate-ownedcompanytheimpactofmanagerialstockholdingondebtmaturitystructureismoresignificant.Comparewiththefinancestrengthwea
8、knon-state-ownedcompany,inthefinancialstrengthstrongnon-state-ownedcompany,theimpactofmanagerialstockholdingondebtmaturityst
