上市公司债务期限结构影响因素分析

The Determinants of Debt Maturity Structure——Empirical Evidence from China

本文采用混合回归、横截面回归和固定效应回归等技术对中国上市公司的债务期限结构影响因素进行经验检查。经验证据支持契约成本假说。具有更少成长机会、更少自由现金流量、资产期限长和规模大的公司具有更多的长期债务。我们没有发现公司使用债务期限结构向市场传递信号的证据。经验证据没有支持债务期限结构税收假说。

The paper applies pooled regression, cross-sectional regression and fixed effects regression to empirically examine the determinants of debt maturity structure of Chinese listed companies. The empirical evidence supports the contract-cost hypothesis. Firms that have few growth options, little free cash flow, long asset maturity, or well-established tend to have more long-term debt. We find no evidence that companies use maturity structure of their debt as signal to the market. This doesn’t support the tax related hypothesis of debt maturity structure.