基于面板结构方程的上市公司债务资本内生决定研究

Research on the Endogenous Determination of Listed Corporate's Debt Capital Based on Structure Model of Panel Data

文章以2000—2005年沪深股市的568家上市公司为样本,采用两阶段最小二乘法估计结构方程,从资本结构与债务期限结构内生决定的角度考察了中国上市公司债务资本的决定。实证研究表明,当杠杆和债务期限结构同时决定时,两者之间是正相关的关系,结构模型和单方程回归结果存在一定的差异。

With the panel data of 568 listed companies from 2000 to 2005, this thesis analysis the endogenous determination of listed corporate＇s debt capital with Two Stages Least quare. We find when the capital structure and debt maturity structure are decided at the same time, they are positively related. There exist some differences between structural model and the single-regression equations.