上市公司的债务期限与偿债能力研究

Research into debt expiration and debt payment ability of listed companies

本文利用2001年至2004年908家上市公司的有关数据对其债务期限进行了实证研究。研究结果表明,上市公司的债务期限相当偏短,但这种偏短的债务期限并没有给其造成财务危机压力,同时这种很短的债务期限也并非是由于上市公司缺乏借入长期债务的能力,而是其主动选择的结果,这就从另一个角度说明了我国上市公司对股权融资的偏好。此外,上市公司的偿债能力对其债务期限的选择具有一定的影响,但这种影响微乎其微,尤其是长期偿债能力几乎没有影响。

This paper makes empirical research into debt expiration based on related data of 908 listed companies during 2001--2004. The result shows that the debt expiration of the listed companies is short, however, the too short debt expiration does not result in financial crisis, furthermore, the too short debt expiration does not result from the shortage of long--term debt expiration ability of the listed companies but from their active choice. This result shows the preference of China＇s listed companies to stock financing structure from another angle. In addition, the debt payment ability of the listed companies has certain influence on choice of their debt expiration, however, this influence is little and there is almost no influence on long--term debt payment ability.