金融发展与企业债务融资

Financial Development and Debt Financing of Firms

本文通过我国各地区金融发展的差距研究了金融发展对公司债务融资决策的影响,研究结果表明:①金融越发展,企业的短期债务比率越高;②金融发展有助于可抵押资产较少的企业获得债务融资;③金融发展有助于规模较小的企业获得债务融资和长期债务融资;④金融发展有助于那些依赖无形资产投资的企业获得债务融资和短期债务融资。这些研究结果不仅可以深化我们对金融发展如何影响公司融资决策的理解,而且可以使我们对金融发展促进经济增长的微观机理有更加深入的了解。

This paper examines the effect of financial development on debt financing of fixms through the difference of China＇s local financial development, the empirical results show that： （1） financial development can facilitate more short-term debt financing of firms; （2） financial development can facilitate debt financing of those firms which have less collateral; （3） financial development can facilitate debt financing and long-term debt financing of smaller firms; （4） financial development can facilitate debt financing and short-term debt financing of those firms which depend on investment of intangible assets. These results not only deepen the understanding of how financial development affects debt financing of firms, but also help to deeply understand the micro-level mechanisms through which financial development promotes economic growth.