【作者】 谢军； 何翠茹；

【Author】 Jun Xie Cuiru He School of Economics and Management,South China Normal University, Guangzhou,Guangdong,China 510006

【机构】 华南师范大学经济与管理学院；

【摘要】 本文以2003～2008年上海证券交易所199家上市公司的数据为样本,研究商业融资能力对债务期限结构的影响。研究结果显示,商业融资对债务期限结构表现为挤出效应:商业融资挤占长期融资。同时,研究还验证了国有股权身份对商业融资能力对长期融资的互补效应或挤出效应的影响。结果表明,企业的国有股权身份会强化商业融资对长期融资的挤出效应。更多还原

【Abstract】 Using a sample of 199 publicly traded companies from the Shanghai Stock Exchange from 2003 to 2008,we examine the effect of commercial credit financing on the maturity structure of corporate debt.The results show that commercial credit financing has a crowding-out effect on the maturity structure of corporate debt and crowds out long-term financing.We further study how the identity of controlling shareholders interacts with commercial credit financing in determining the maturity structure of corporate debt.The result indicates that the crowding-out effect is strengthened in state-owned enterprises.更多还原