行业类别和公司债务期限结构选择——来自中国上市公司的经验证据

Industry Classification and the Choice of Corporate Debt Maturity Structure

本文采用参数和非参数检验,描述性统计等方法实证检查行业类别和公司债务期限结构选择之间关系。研究发现,行业类别确实影响公司债务期限结构选择。具体而言:(1)不同行业之间的公司债务期限结构存在系统性差异;(2)行业类别能解释公司债务期限结构大约10%的变异;(3)管制类行业具有相对高的债务期限。

The paper applies parametric and non-parametric test, descriptive statistics to empirically examine the relationship between industry classification and the choice of corporate debt maturity structure. It shows that the industry classification does affect the choice of corporate debt maturity structure. Specifically, （1） There is a systematic difference in the corporate debt maturity structure among different industries; （2） Industry classification can explain about 10% variability of corporate debt maturity structure; （3） The debt maturity is relatively high in regulated industries.