【作者】 董华；

【导师】 魏成龙；

【作者基本信息】 河南大学 ， 国民经济学， 2006， 硕士

【摘要】 本文着重研究中国A股市场中上市公司的债务期限结构情况及上市公司债务期限结构的影响和决定性因素,并分析经典债务期限结构理论在中国的适用性。债务期限结构理论是企业融资结构理论的一个重要组成部分,它主要以企业长短期负债的优化组合为研究重点。国外学者对债务期限结构问题的研究始于二十世纪七十年代。迄今为止,学者们在这一领域的研究成果相当丰富。具有代表性的债务期限结构理论包括契约成本理论、信号传递理论、税收理论和期限匹配理论。这些理论分别在各自的框架内解释了影响债务期限选择的决定性因素。总体来看,成长机会(包括托宾Q值和增长机会)、资产期限、公司规模、公司质量、边际税率以及非债务税盾等因素对债务期限结构的选择起着决定性作用。公司所处的行业、一国或地区经济发展水平等因素则可用来解释债务期限的行业差异和国别差异。本研究以深、沪A股市场中非金融上市公司为研究对象,综合运用统计和计量方法,理论分析和实证研究相结合的研究方法,对样本公司的债务期限结构现状、影响和决定性因素进行了研究分析。其中,分析中国沪深A股市场中上市公司债务期限结构现状时,选取了656家样本公司在1998-2004年这七年间的财务数据;在综合分析公司成长机会、公司规模、资产期限、公司质量、实际税率和非债务税盾等因素对中国A股市场中上市公司债务期限结构的决定性时,仅选取了上述样本公司在2001-2004年这四年间的相关数据;分析行业特征和经济发展水平对我国债务期限结构的影响时,采用了2003年沪、深A股市场中1164家分布于12个行业门类的非金融上市公司为研究对象,同时,还运用了《中国统计年鉴2004》中相关数据。本文采用的分析技术是单因素分析法和回归分析法,运用的分析软件是总部位于美国芝加哥市的SPSS公司出的SPSS软件13.0版。研究结果发现:就中国A股市场中上市公司的整体负债融资结构而言,长期负债比率(长期负债与负债总额相比)偏低,有的甚至为0,短期负债比率(短期负债与负债总额相比)远远超过长期负债比率,呈现中国上市公司普遍偏好使用短期负债融资的现象。影响发达国家上市公司债务期限结构的因素在中国也起着类似的作用:企业托宾Q值、资产期限、公司规模和非债务税盾是影响我国A股市场中上市公司债更多还原

【Abstract】 My paper mainly studies the existing situation of the debt maturity of Chinese listed companies’in A share securities market and its impact factors and determinants, then analyses the applicability of the classical debt maturity theory in China.As a main part of corporate financing structure theory, debt maturity structure theory mainly studies the optimization of the long-term debt rate and short-term debt rate. In 1970s’,the economists began to study the debt maturity structure .By now,there has been a great deal of debt maturity structure literature. And contracting-cost hypotheses, signaling hypotheses, tax hypotheses and maturity matching hypotheses (also called Immunization hypothesis )have been well-known, while Tobin’s Q, the grow, the asset maturity, the size, the quality, the marginal rate and the non-debt tax shield are known as the main determinants to corporate debt maturity structure. Meanwhile, the trade and the economic developing level have a strong impact on the corporate debt maturity, too.Taking non-finance Chinese listed companies in A share securities market as the example, the paper applies statistical and metric method, rational analysis and empirical evidence to study the existing situation of the debt maturity structure and its impact factors and determinants. With the help of SPSS, the paper analyzes 656 sample companies’financial data from 1998 to 2004 to describes the debt maturity structure’s existing situation, while applies their financial data from 2001 to 2004 to analyze the determinants of debt maturity structure. In order to analyze the impact of trade and economic developing level, the paper employs 1164 non-finance companies’finance data of 2003 and the data of China Statistical Yearbook (2004).The paper also uses One-way ANOVA and stepwise regression to help the empirical evidence.According to the analysis of the debt maturity of Chinese listed companies in A share securities market, I find that the rate of long-term debt is much lower than short-term debt, some even reach zero degree. Therefore, I draw a conclusion that most of Chinese listed companies prefer the short-term debt.更多还原