市场化程度、政府干预与企业债务期限结构——来自我国上市公司的经验证据

Market Development, Government Influence and Corporate Debt Maturity Structure

本文以我国上市公司1 999—2 0 0 3年的经验数据为样本,实证分析了地区市场化程度对当地企业债务期限结构的影响。结果表明,企业所在地的市场化程度越高,长期债务的比重越低。进一步分析发现,上述差异主要归因于政府对企业干预程度的不同。基于此,本文分析认为,当司法体系不能保证长期债务契约得以有效执行时,“政府关系”

On the basis of listed companys empirical data, this paper investigat es the effects of regional market development on corporate debt maturity of this region We find that market development degree is highly correlated with corpora te debt maturity structure, the more degree of market development, the company w ithout the relation of government cannot get the loans from the bank and the low er of corporate long-term loans proportion. Our conclusion indicates that law p rotection about creditor is very important during development of market in our c ountry, otherwise this will cause higher transaction cost and worse social capit al allocation.