融资供给视角下我国上市公司债务融资决策研究

Research on Chinese Listed Companies' Debt Financing Decisions from the Perspective of Financing Supply

从融资供给的角度考察了债券融资供应与我国上市公司债务融资决策之间的关系,并利用2008～2010年沪深两市非金融类上市公司的截面数据进行了实证检验。结果表明:采用债券融资的公司负债水平更高,说明债务融资供给扩大了债务融资需求;并且具有相对债券融资偏好,T检验结果显示结论显著成立;进一步的回归结果显示,在控制债务需求因素后,债券融资供给与公司长期负债率显著正相关。

This paper investigates the relationship between supply of the bond financing and debt financing decisions of Chinese listed companies from the perspective of financing supply.Based on sectional data of non-financial listed companies of stock markets of Shanghai and Shenzhen from 2008 to 2010.The results indicate that: the companies using bond financing take more liabilities,which means bond financing supply extends bond financing demand;it shows a relative preference for bond financing,and T test results significantly support this conclusion;the regression results further show that after controlling demand factors,supply of bond financing and long-term debt ratio is significantly positively correlated.