What is a debt maturity structure and what are the maturity structures of liabilities?

Debt maturity structure is one of the most important financial decisions of debt financing, which refers to a debt maturity combination method that affects the governance efficiency of debt financing and ensures the financial security of the enterprise itself. Inappropriate debt maturity will not only affect the governance efficiency of debt financing, endanger the financial security of the enterprise itself, but also endanger the security of a country.

Most of the existing studies on debt maturity structure study the choice of debt maturity from the micro level of firms, but in fact, when seeking the optimal debt maturity structure, enterprises should consider not only their own characteristic factors, but also the economic and other institutional environment factors of the country in which they are located. Therefore, it is of more practical significance to comprehensively study the macro and micro influencing factors of corporate debt maturity structure.

Theoretical and empirical studies of debt maturity structure have identified a number of factors that influence the choice of debt maturity structure. These factors include the company's future growth opportunities, free cash flow, company size, maturity of existing assets, company quality, degree of information asymmetry, effective income tax rate, and volatility. In general, the theories that explain the choice of debt maturity structure include the contract cost hypothesis, the signaling hypothesis, and the tax hypothesis.

When the total debt of the enterprise is constant, how many current liabilities and how many long-term liabilities need to be arranged? The following factors need to be considered: Asset structure has a significant impact on liability structure.

Generally speaking, enterprises with a large proportion of long-term assets should make less use of short-term liabilities and more use of long-term liabilities or issue ** financing; On the other hand, enterprises with a large proportion of current assets can make more use of current liabilities to raise funds. Clan Cha Xian.

Industry characteristicsThe operating characteristics of various industries are different, and there are great differences in the debt structure of enterprises. The funds raised from current liabilities are mainly used for inventory and accounts receivable, and the level of occupancy of these two current assets depends mainly on the industry in which the enterprise operates. When the interest rate difference between long-term liabilities and short-term liabilities is small, enterprises generally use long-term liabilities more and less current liabilities. On the contrary, when the interest rate of long-term liabilities is much higher than the interest rate of short-term liabilities, enterprises will make more use of current liabilities to reduce the cost of capital without a stool.

The obligations that need to be owed to others can be divided into monetary obligations and non-monetary obligations.

Debts can also be divided into contractual debts, including debts arising from the establishment, modification and termination of contracts, and debts such as tort debts and tort debts.

The performance of the debt is the realization of the obligatory right, and the debt and the obligatory right together constitute the content of the debt. There are different types of debts according to different wisdom criteria. It can be divided into contractual debts and non-contractual debts according to the occurrence of different debts, single debts and multiple debts due to the number of debtors, joint and several debts according to the debts due to the liability relationship between debtors, and simple debts and optional debts due to the selectivity of the performance of debts.

Legal analysis: The meaning of debt structure is divided into broad and narrow senses, and the narrow sense of debt structure refers to the composition of long-term debt funds of enterprises and the proportional relationship between them; In a broad sense, the debt structure refers to the composition of corporate debts and the proportional relationship between them.

Legal basis: Civil Code of the People's Republic of China

Article 118:Civil entities enjoy creditor's rights in accordance with law.

Article 177:Where two or more persons bear proportional responsibility in accordance with law, and the size of the responsibility can be determined, each of them bears the corresponding responsibility; Where it is difficult to determine the size of the responsibility, the responsibility is to be borne equally.

Article 178:Where two or more persons bear joint and several liability in accordance with law, the rights holder has the right to request that some or all of the persons jointly and severally liable bear responsibility.