债务融资、债务期限与企业的成长性——来自我国上市公司的经验证据

Debt Financing and Debt Maturities vs.Enterprise Growth

以我国上市公司为样本,考虑债务融资比例与债务期限的内生性建立联立方程,检验企业债务融资比例、短期债务与成长性之间的关系。研究发现:短期债务和成长性与债务融资比例显著负相关;选择短期债务降低成长性对债务融资比例负面影响的观点没得到支持,而且也没证据显示高成长企业通过选择短期债务可缓解其严重的代理人问题。

Taking China＇s listed companies as the sample, this article, considering the endogenesis between the proportion of debt-financing and debt maturities, establishes the simultaneous equations to test the relationship between debt-financing proportion and short-term debt on the one hand and the growth of enterprises on the other. The study shows that the short-term debt and growth is negatively relevant to debt-financing proportion and that the reduction of negative influence of growth on debt-financing proportion via short-term debt. In addition there is no evidence showing that rapid growth enterprise can alleviate the problem of agency through short- term debt.