企业债务期限结构影响因素的探究

The Study of Corporate Debt Maturity Structure Factors

研究债务期限结构有助于深入探讨公司治理与公司价值之间的关系.本文正是基于这一考虑,从代理成本理论、税收理论、信号传递理论、期限匹配理论四个方面入手,运用2007~2008年A股上市公司的数据,讨论了影响中国债务期限结构的因素.发现与西方研究不同的是,由于中国的特殊国情,国有股持股比例对债务期限结构的影响较大,而边际税率却基本无影响.进而提出我国需更好地协调政企关系,放宽税收优惠政策,以扶持非国有上市公司的建议.

The study of debt maturity structure contributes to the relationship between the value and governance of the company.This paper is based on this consideration,from the agency cost theory,tax theory,signaling theory,and the theoretical period of matches to discuss the problem.we use 2007~2008 in A-share listed companies in China to discuss the impact of debt maturity structure factors.We have found that due to special conditions of China,the proportion of state-owned shares plays an important role,whereas the marginal tax rate has no influence.So our country can have a better coordination of government-enterprise relations and relaxation of preferential tax policies to support private enterprises.