Maturidade da dívida

: análise comparada entre os Estados Unidos da América e a China

Abstract

The purpose of this study is to compare the debt maturity of US-based companies, listed on the New York Stock Exchange index, with Chinese companies, listed on Shanghai Stock Exchange index. From 2004 to 2014, it was possible to withdraw 12,497 observations from the NYSE index and 12,089 observations from the SSE index. In the analysis of the determinants of debt maturity and in order to estimate a model through ordinary least squares, the explanatory variables used were: growth opportunities, company size, company quality, maturity of the company’s assets, effective tax rate, volatility of interest rates, structure of interest rates and the term of volatility of the company's value. Our model incorporates the factors that represent three theories (Cost agency, information asymmetry and characteristic of countries). The results confirm the applicability in most theories of debt maturity of both countries. Found no evidence that the effective tax rate and the volatility of interest rates affect the debt maturity.

Date of Award	14 Jul 2015
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Luis Pacheco (Supervisor)