Abstract: The high leverage ratio of enterprises has become a prominent problem that restricts the economic development of our country. How to effectively adjust the debt structure decision to stabilize and reduce leverage ratio of enterprises has become an urgent issue. Based on debt structure adjustment model, this paper empirically studies the impact of macroeconomic environment on corporate debt structure decision-making. The results show that listed companies have shorter target debt maturity structure and higher target debt instrument structure in the economic downturn, also, non-state companies prefer to adopt commercial credit financing than state-owned companies; the speed of corporate debt restructuring is asymmetric, its debt structure is adjusted to target levels at a faster rate in the economic upside. Means of this finding is that enterprises can grasp the law of macroeconomic development, adjust the debt structure decision in time, and provide reference for coping with adverse macroeconomic impact.

Key words: macroeconomic environment, debt maturity structure, debt instrument structure, stock adjustment model, analysis of panel data