对中国上市公司债务期限影响因素的实证研究——基于面板数据的因子分析和回归分析

Empirical Research on Debt Maturity of China's Listed Companies——Based on Factor Analysis and Regression Analysis of Panel Data

国内外诸多学者已经开始从代理成本、税盾作用、信息不对称等角度来研究影响债务融资期限的各种因素。但综合各种因素来考察企业融资期限结构影响的研究却相对较弱。以中国546家A股的上市公司最近9年相关数据为样本,从企业规模、财务杠杆、债务税率、清算比率和资产期限等因素对企业融资期限结构的影响做因子分析和回归分析后,指出代理成本等理论对中国上市公司债务期限解释是有限的。

Many scholars have proved that debt maturity will affect the value of enterprises. With the development of theoretical research, they have done research about corporate debt maturity from different perspectives like agency costs, tax shield, asymmetric information. However, the study of impact of structure of debt maturity on the enterprise＇s value is still limited. Through the establishment of Panel data model to a sample of 546 listed companies in China, this paper conducts empirical analysis of the effect of corporate finance maturity structure based on the corporate size, leverage, debt tax rate, liquidate rate and asset maturity, then points out that agency cost theory on the explanation of the debt maturity is not robust for listed companies in China.