ISSN: 1648 - 4460

International Journal of Scholarly Papers

VU KHF

Transformations  in
Business & Economics

Transformations in
Business & Economics

  • © Vilnius University, 2002-2017
  • © Brno University of Technology, 2002-2017
  • © University of Latvia, 2002-2017
Article
MONETARY POLICY, INDUSTRY PROSPERITY AND DEBT MATURITY STRUCTURE -AN EMPIRICAL STUDY BASED ON CHINESE AGRICULTURAL LISTED COMPANIES
Li Sicheng, Liu Lingzhi

ABSTRACT. Chinese agricultural listed companies generally have short-term debt financing, frequent debt service pressure poses a great threat to enterprises’ capital chain, affecting the operation and development of agricultural enterprises.
This paper examines the differences in the debt maturity structure of agricultural listed companies when monetary policy and industry prosperity are different. By examining the differences in debt maturity structure of Chinese A-share agricultural listed companies in 2006 and 2015 between monetary policy easing and tightening periods, and between high and low industry prosperity, this paper finds that debt maturity structure of agricultural listed companies is greater in monetary policy tightening than in easing period, and greater in low industry prosperity than in high industry prosperity. Further, it is found that, whether it is in monetary policy easing period or tightening period, debt maturity structure is greater in low industry prosperity than in high industry prosperity; debt maturity structure is greater in monetary policy tightening period with low (high) industry prosperity than in monetary policy easing period with low (high) industry prosperity. The research of this paper shows that when studying the debt maturity structure of agricultural listed companies, we should consider both the influence of different monetary policy environment and the influence of the industry prosperity.

KEYWORDS: monetary policy, industry prosperity, debt maturity structure, agriculture, Chine.

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Scholarly papers Transformations in Business & Economics
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