An Empirical Research on the Effects of Debt Maturity Structure on Conditional Conservatism Evidence from Private Listed Companies’ Data in 2011

摘要

With the development of China's capital market,more and more companies recognize the advantages of debt financing.As private listed companies are taking more and more important roles in economical development,it is essential to analyze the debt financing.Data show that the financial leverage of private listed company has increased steadily in recent years.Based on China's Private Listed Companies’ data in 2011,we use Basu model to study the effect of debt maturity structure on conditional conservatism.The results show that long-term debt has a significant positive reaction on and conditional conservatism.We suggest private listed companies should make debt maturity structure reasonable and keep accounting conservatism within an acceptable range,and regulators should strengthen the monitoring on debt financing and accounting information quality of private listed companies to protect the benefit of creditors.