摘要
企业的融资效率分为资金筹集过程中的宏观融资效率和资金使用过程中微观融资效率。从债务融资期限差异的角度出发,通过实证检验不同期限的银行信贷资金对企业微观融资效率的影响可以发现,短期债务资金和融资效率显著负相关,并低于长期债务资金的融资效率,不支持委托代理理论认为的短期债务资金能更有效地降低代理成本、提高资金使用效率的结论。
Financing efficiency includes the macro financing efficiency and micro financing efficiency. Based on the difference of the debt maturity, this paper analyzes the effect of the debt maturity for the micro financing efficiency. The test shows that there is a significant negative correlation between the short debt and financing efficiency and that the financing efficiency of short debt is lower than that of long debt. The test doesn＇ t support the agent theory on short debt reducing agent cost and prompt- ing money using efficiency.
出处
《财经理论与实践》
CSSCI
北大核心
2008年第6期41-45,共5页
The Theory and Practice of Finance and Economics
关键词
债务融资
融资效率
融资期限
debt financing
financing efficiency
financing maturity
