【作者】 周姝；

【导师】 冉茂盛；

【作者基本信息】 重庆大学 ， 金融学， 2010， 硕士

【摘要】 关于债务期限结构问题的研究始于二十世纪七十年代,众多学者在这一领域取得了丰富的研究成果。近年来,公司治理研究的蓬勃发展,推动了对公司债务期限结构问题研究的深入,许多学者也开始从公司治理角度分析债务期限结构问题。这方面的大量研究表明,终极控制股东侵占债权人和小股东的利益已成为上市公司内部重要的代理问题,尤其是在民营上市公司中。有鉴于此,本文以民营上市公司为研究样本,在控制权与现金流权分离的框架下,研究终极控制股东与小股东、债权人间的利益分歧问题,并分析终极控制股东对公司融资债务决策的影响问题。本文首先对控制权、现金流权理论以及债务期限结构理论进行梳理,然后深入分析了我国民营上市公司控制权、现金流权的分布特征,随后对民营上市公司的债务融资进行了结构分析。紧接着,从实证的角度,对我国民营上市公司控制权、现金流权的分离与债务期限结构关系进行了研究。主要结论如下:①一方面,民营上市公司的短期债务占债务融资的主导地位,而长期债务只占一个较小的比重。另一方面,我国民营上市公司终极控制权与现金流权存在着一定的偏离,总体上,控制权与现金流权的偏离倍数多在5倍以下,但是有的民营上市公司偏离倍数甚至达到了11倍之多。②通过回归分析发现,终极控制股东控制权、现金流权偏离程度与债务期限结构负相关,表明控制权与现金流权偏离程度越大的民营上市公司,长期债务水平越低。控制权与现金流权一致性与债务期限结构正相关,说明控制权与现金流权越倾向一致,终极控制股东剥削的诱因就会相对减弱,因而,民营上市公司的融资行为更为合理化。因此,民营上市公司相对容易取得长期债务。在论文的结尾,根据理论与实证分析的结论,就如何充分发挥外部治理机制的作用及优化债务期限结构提出了相关的政策建议。更多还原

【Abstract】 Scholars began to research the problem of Debt maturity structure in 20th century 70’s.By now, Scholars is rich in this field of research. In recent years, the research of corporate governance promote vigorous development of corporate debt maturity structure of deep research, scholars begin to pay close attention to corporate governance research from the Angle of debt maturity structure. Recent studies show that the ultimate controlling shareholder occupy the interests of small and medium shareholders, and creditors of the listed company’s internal has become an important problem, especially in the agent of private or family listed companies. Based on this, the paper made private companies as the sample.First, this paper analyze control and cash flow right theory and corporate debt maturity structure theory. Then, it analyze the Chinese private listed companies control, cash flow right distribution In-depth, and analyze Private listed companies on the debt financing structure. Then, from the perspective of positivism, private listed companies in China, and the control of cash flow right separation and debt maturity structure were studied. Main conclusions are as follows:①On one hand, the private listed companies is short-term debt financing, but long-term debt accounted for only a small proportion. On the other hand, the ultimate control and cash flow rights of China’s private listed companies exist certain deviation. Overall, control and cash flow rights in multiples is more than five times, but some private listed companies is even reached the 11 times.②By means of regression analysis ,it found that the ultimate control of controlling shareholders, cash flow right deviation degree and debt maturity structure, control have negative correlation with the cash flow right deviation degree of the listed company, the lower level of long-term debt. Control and cash flow right consistency are related to debt maturity structure. Control and cash flow right that the shareholder exploitation, the ultimate tend to agree the incentives will weaken, relative to the financing behavior of listed companies is more reasonable. Therefore, the listed company are relatively easy to obtain long-term debt.In the end, according to the theory and empirical analysis , the paper have the conclusion that how to give full play to the role of external management mechanism in corporate debt maturity structure optimization and puts for ward relevant policy Suggestions.更多还原