股权结构与公司债务期限结构的关系研究

Ownership Structure and the Determination of Listed Corporation's Debt Maturity Structure

采用2000～2005年沪深股市568家A股上市公司的平衡面板数据，检验了股权集中度、股权制衡、不同性质股权比例对上市公司债务期限结构的影响。结果发现，第一大股东持股比例与债务期限结构呈显著的U型曲线关系，国有股比例尤其是国家股比例与债务期限结构显著正相关，社会法人股比例与债务期限结构显著负相关，股权制衡、流通股比例、高管人员持股比例与债务期限结构正相关但不显著。

With the panel data of 568 listed companies from 2000 to 2005, this paper analyzes the relationship between ownership structure and debt maturity structure. The authors find a nonlinearity relationship of U type between ownership concentration and debt maturity structure. The state- owned share especially the state share positively related with debt maturity structure while the proportion of social - owned share negatively related with debt maturity structure, beth of these relationship are significant. Ownership counterpoise, the proportion of circulation share and manager ownership positively related with debt maturity structure but the relationship is not significant.