我国上市公司债务期限结构影响因素研究

【作者】 李平；

【导师】 王东清；

【作者基本信息】 中南大学 ， 会计学， 2008， 硕士

【摘要】 债务期限结构是现代企业融资结构理论研究的一个重要领域,自从1958年Modigliani和Miller对企业融资结构问题进行研究以来,理论研究主要集中在债权与股权的比例方面,而对企业的债务融资期限结构的研究较少涉及,使之成为企业融资理论研究中亟需完善的领域。本文选题就是根据企业债务期限结构理论和中国债务期限结构实证研究现状提出来的,本文将从企业的微观层面出发,结合我国企业目前以短期债务融资为主的现实,利用规范分析和实证分析相结合的研究方法,对我国上市公司债务期限结构的影响因素进行研究。本文对已有研究进行梳理,探寻了债务期限结构研究的理论基础。结合我国上市公司的特点,本文选取五个视角,对可能影响企业债务期限结构的因素进行了分析,并提出了相应的研究假设。为了验证这些因素是否从本质上导致了我国上市公司偏好短债的行为,本文选取我国建筑业、制造业、信息技术等十二个行业825家上市公司连续6年的4950个样本数据,建立多元线性回归模型进行了实证研究,实证结果支持了代理成本理论,清算风险理论和期限匹配理论,信号传递理论、税收理论则没有找到支持的证据。最后,本文对研究结论加以总结,并对我国上市公司优化债务期限结构提出了一些政策建议。更多还原

【Abstract】 Debt maturity structure is an important area of modern financing theory research. Since Modigliani and Miller’ research on corporation financing in 1958, the theory research mainly focus on proportion of equity and debt. However, little research was about debt maturity structure, especially about China’ debt maturity structure. The paper will focus on this theory area.The title of the article was put forward on debt maturity structure theory and the research of China’s empirical analysis. This article standing on the micro-level enterprises, combined with the reality that China’s enterprises were still dominated by short-term debt financing , and used the way of normative and empirical analysis to be able to carry the more comprehensive research on listed companies’ the factors that affected the debt maturity structure.Firstly, the article tired the afterwards research paper, seeked for the article’s academic basis; Secondly, this paper combined these theories and results of research scholars, selected five perspective, to analysis possible factors that impacted debt maturity structure, and bringed up the corresponding theoretical assumptions; thirdly, in order to verify whether these factors led to the present situation that China’s listed companies prefered short debt essentially, this article selected 4950 samples of data from 12 industries including construction industry ,manufacturing, information technology and so on in China, multipled linear regression model and carried on empirical research. The empirical results supported the agency cost theory; the liquidation risk and the matching principle. However signaling theory, theory of taxation were not found evidence to support; finally, this article sumed up the conclusions of the study, and bringed up some policy recommendations to optimize listed companies’ debt maturity structure.更多还原