This study explores the relationship between corporate environmental,social,and governance(ESG)disagreements and corporate debt maturity.By examining panel samples from Chinese non-financial listed companies covering ...This study explores the relationship between corporate environmental,social,and governance(ESG)disagreements and corporate debt maturity.By examining panel samples from Chinese non-financial listed companies covering 2007 to 2020,we find that ESG disagreements negatively influence corporate debt maturity.Even after conducting a series of robustness tests and addressing endogeneity concerns,the adverse effects of ESG disagreements persisted.A heterogeneity analysis shows that this negative impact is more significant for non-state-owned enterprises,small enterprises,enterprises with high capital intensity,enterprises with low analyst attention,and enterprises in high-tech industries.Through a mechanism analysis,we discovered that ESG disagreements can lead to information asymmetry and heightened default risk,subsequently affecting the maturity of corporate debt.Further analysis confirms that the negative impact of ESG on the debt structure inhibits long-term investment and exacerbates the mismatch between investment and financing terms.展开更多
Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the deb...Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.展开更多
In order to have the optimal capital structure, the company with higher volatility of return adjusts the capital structure more frequently and has shorter debt maturity. Investors also have shorter investment cycle on...In order to have the optimal capital structure, the company with higher volatility of return adjusts the capital structure more frequently and has shorter debt maturity. Investors also have shorter investment cycle on these companies. Investment cycle is also affected by information asymmetry. The less asymmetric the information is, the more information investors get and the longer the investment cycle is. The adjustment frequency is also restricted by financial strength. This paper measures the debt maturity structure of the firm as the weighted average of debt maturity, and it is more precise than the ratio of long term debt to total debt. In empirical tests on debt maturity, the results show that financial strength, volatility of return and asymmetric information all have negative impacts on debt maturity.展开更多
This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher in...This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher investment efficiency, and the quality of earnings information has increased investment efficiency by reducing the lack of investment and suppressing overinvestment. The companies with higher short-term debt ratio show higher investment efficiency. The results show that there is a certain substitution effect between the effect of earnings information quality and the maturity strueture of debt on the efficiency of investment.展开更多
基金STU Scientific Research Initiation Grant[Grant No.STF24004T]Natural Science Foundation of Guangdong Province of China[Grant No.2021B1515020103].
文摘This study explores the relationship between corporate environmental,social,and governance(ESG)disagreements and corporate debt maturity.By examining panel samples from Chinese non-financial listed companies covering 2007 to 2020,we find that ESG disagreements negatively influence corporate debt maturity.Even after conducting a series of robustness tests and addressing endogeneity concerns,the adverse effects of ESG disagreements persisted.A heterogeneity analysis shows that this negative impact is more significant for non-state-owned enterprises,small enterprises,enterprises with high capital intensity,enterprises with low analyst attention,and enterprises in high-tech industries.Through a mechanism analysis,we discovered that ESG disagreements can lead to information asymmetry and heightened default risk,subsequently affecting the maturity of corporate debt.Further analysis confirms that the negative impact of ESG on the debt structure inhibits long-term investment and exacerbates the mismatch between investment and financing terms.
文摘Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.
文摘In order to have the optimal capital structure, the company with higher volatility of return adjusts the capital structure more frequently and has shorter debt maturity. Investors also have shorter investment cycle on these companies. Investment cycle is also affected by information asymmetry. The less asymmetric the information is, the more information investors get and the longer the investment cycle is. The adjustment frequency is also restricted by financial strength. This paper measures the debt maturity structure of the firm as the weighted average of debt maturity, and it is more precise than the ratio of long term debt to total debt. In empirical tests on debt maturity, the results show that financial strength, volatility of return and asymmetric information all have negative impacts on debt maturity.
文摘This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher investment efficiency, and the quality of earnings information has increased investment efficiency by reducing the lack of investment and suppressing overinvestment. The companies with higher short-term debt ratio show higher investment efficiency. The results show that there is a certain substitution effect between the effect of earnings information quality and the maturity strueture of debt on the efficiency of investment.
