我国上市公司的债务期限结构——基于权衡思想的实证研究

The Structure of Listed Companies' Debt Maturity in China

债务期限结构的确定是企业对短期债务的优势和缺陷进行权衡的结果,此提出了债务期限结构的权衡思想,为了考察我国上市公司债务期限结构选择的影响因素,利用这一思想对其进行了详细的实证研究。研究结果表明,权衡思想能够较好地解释我国上市公司债务期限结构的选择行为,同时也表明,尽管我国上市公司的短期债务普遍偏高,但这种选择却是其理性思索的结果。

The deciding of the structure of debt maturity is conducted by an enterprise through weighing over the advantages and disadvantages of short-term debt. This paper proposes the balance of the structure of debt maturity in order to survey the influencing factors affecting the selection of the structure of debt maturity in China's listed companies and to conduct detailed empirical study of this issue. The research results show that balance idea can explain China's listed companies behavior in selecting debt maturity structure. Also it tells us that China's listed companies have a high proportion of short-term debt, which, however, is the result of rational decision.