【作者】 方蕾；

【导师】 陈晓芳；

【作者基本信息】 武汉理工大学 ， 会计学， 2007， 硕士

【摘要】 自从二十世纪五十年代MM理论问世以来,企业融资决策理论在财务学中一直占据着重要的地位,成为财务领域研究中长盛不衰的课题。学者们从不同的角度对其进行了深入的研究并取得了重大进展。但是在企业融资决策理论研究中,学者们青睐于对债务数量,即资本结构水平的研究,很少涉及到债务本身的组合,即债务期限结构的研究。而现实情况是,债权融资同企业的价值和风险都密切相关;建立在债务约束基础上的治理结构是保证公司高效运行的另一个重要机制;尤其在中国上市公司中,由于国有持股人缺位问题,使得股东约束机制不能充分发挥作用,更需要建立在债务约束基础上的治理结构。因此,对影响我国上市公司债务期限结构的因素进行深入研究,并结合我国实际来探讨如何优化债务融资结构,具有十分重要的理论价值和现实意义。本研究从我国上市公司债务融资结构的现状入手,采用规范分析与实证分析相结合的方法,对我国上市公司的债务期限结构问题进行研究。文章首先在文献综述中归纳了关于债务期限结构的理论假说:代理成本假说、信息不对称假说、税负假说、期限匹配原则、发行成本假说、利息率风险假说、流动性风险假说。然后根据这些理论和有关学者的研究,从微观和宏观两个角度分析了可能对企业债务期限结构产生影响的因素。进而结合中国上市公司的特点及其所处的经济环境,在这几种理论假说的指引下分析了我国上市公司债务期限结构的特点成因。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,提出了九个假设,运用资产负债表法衡量债务期限结构,建立多元线性回归模型对我国建筑业、制造业、信息技术等十二个行业的上市公司样本数据进行了相关分析和回归分析。结果显示,企业规模、资产负债率、资产期限(长期资产比重)、股权集中度(前二大股东持股比例)、国有持股(最终控制人)这几个指标同中国上市公司债务期限结构显著相关。最后,本文从微观和宏观两个角度,分别提出了优化企业债务融资结构的政策建议。更多还原

【Abstract】 Since the MM theorem was established in 1950s, great progress has been made in corporate finance theory. However, most of the scholars emphasized the leverage and seldom focused on the characteristics of debt structure. The reality is debt as finance way is more agility and sensitive, and it is closely bound up with value and risk of the enterprises. To the managers, debt can not only meet the demand of firms’ operation and envelopment but also be referred to corporate governance and future business plans. Especially in Chinese listed companies, because of State-owned shares’ losing control, the stockholders-regulating mechanism can not play up to the full. It is necessary for us to set up the corporate governance based on debt-regulating mechanism. So it has great theory value and operation significance to research on debt finance in China.From the present situation of Chinese listed companies’ debt maturity structure, this thesis adopted regular method and empirical method to find out the essence of the debt maturity structure in China.Firstly I conclude the theories about debt maturity structure from seven sides: the agency cost hypothesis, the asymmetric information hypothesis, the tax hypothesis, the flotation cost hypothesis, the interest rate risk hypothesis, the maturity matching principle. Based on these theories and considered with the characteristic of Chinese listed companies, I bring forward 9 hypotheses and several factors that may be affecting the firms’ debt maturity structure. Formatting a multiple linear regression model and taking the data to regress, the data are collected from twelve industries: manufacture industry, information technology, building industry and so on. The result shows that there are several factors affecting debt maturity structure significantly: size, lev, assets duration, equity concerning and final controller. They have significant correlation with debt maturity structure. In the end of the dissertation, several proposals are tabled from macroscopical and microcosmical sides to optimize the debt maturity structure.更多还原