Abstract：This paper examines the impact of ownership concentration and outside blockholders on debt maturity while taking into account the interdependent relation between maturity and leverage. The paper does this by estimating a simultaneous-equations model on debt maturity and leverage for a sample of Chinese listed companies. The result shows that the firms with higher concentration ratio will use more long debt. However, despite having a concentrated ownership, firms with more growth opportunities and higher financial strength will prefer shorter maturity in order to solve the underinvestment problems and signal their higher quality. The paper also investigates the impact of outside blockholders on debt maturity and shows that the firms with stronger outside blockholders will use more short debts. Under the conditions of strong outside blockholders, the paper demonstrates that firms with higher financial strength will be more able to use shorter debts, but does not demonstrate that firms with more growth opportunities will use shorter debsts.
何靖. 上市公司股权集中度、制衡度与债务期限结构选择[J]. , 2010, 1(2): 50-57.
He Jing. An Impact of Ownership Concentration and Outside Blockholders on Debt Maturity: Evidence from Chinese Listed Companies. , 2010, 1(2): 50-57.
2010, Vol. 1 
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