【作者】 毛淑珍； 乐国林；

【Author】 Mao ShuZhen Yue GuoLin ( Business School of Qingdao Technology University)

【机构】 青岛理工大学；

【摘要】 本文以我国2004-2006年A股上市公司为样本,检验了地区信任度水平与上市公司债务期限结构的关系,结果发现:企业信任度水平的提高能够显著的增加其获取短期负债融资的能力,这与我国银行长期债务资金发放受到政府干预以及对债权人法律保护较弱的制度背景有关;文章对投资者法律保护水平及终极控制人产权性质差异对信任度与债务期限结构关系影响的实证检验,进一步支持了上述观点,即越是在投资者法律保护较弱的地区,信任度水平的提高对增加企业获得短期债务融资能力的影响越显著;相对于国有控股的企业来说,民营控股的企业信任度水平的提高更有助于其获得短期债务融资。更多还原

【Abstract】 By sampling A-share listed firms for the period from year 2004 to 2006, this paper tests the relationship between trust degree and debt maturity structure.The empirical results show that the higher trust degree of listed companies contribute to get more short term debt, which can be explained by the weak law protection of creditor, and the government regulation to long term debt in our country.The further study on the effect of different degree of law protection and different ultimate shareholder on the relationship between trust degree and debt maturity structure also support the above opinion, the further study results indicate that the weaker the investor law protection, the improvement of trust degree in corporation is helpful to get more short term debt, and compared to the list companied controlled by state owned enterprise, the relationship between trust degree and short tem debt is more significant.更多还原