中国上市公司债务期限结构分析

On the Debt Maturity Structure of China’s Listed Companies

对我国上市公司债务期限结构影响因素进行检验的结果表明,我国上市公司债务期限结构的影响因素较为稳定,内生性对其不构成显著影响。我国上市公司的债务期限与企业规模正相关,与企业财务实力、资本结构负相关,与其他因素没有显著关系。对债务期限和成长性关系的检验结果表明,我国企业应对成长机会变化的工具是财务杠杆而不是债务期限。代理成本理论不能解释我国上市公司债务期限结构的选择行为。

With a study of the factors influencing the debt maturity structure of listed companies in China, this research shows that the factors are not subject to dramatic changes while endogeneity does not affect the structure significantly. The debt maturity of China＇s listed companies is positively correlated with the scale of the enterprises, negatively with the enterprise＇s financial strength and their capital structures and insignificantly with other factors. A test of the relations between debt maturity and growth shows that China＇s enterprises rely on the financial leverage rather than the debt maturity in response to the changes of growth opportunity. It is concluded that the agent cost theory can not explain the choice of debt maturity structure of China＇s listed companies.