企业发债和贷款期限的差异化:基于增量法的实证研究

Corporate Bonds and Loans Difference in Terms:An Empirical Study Based on the Incremental Method

已有文献主要从资产负债表法来实证研究企业负债期限结构的影响因素,本文以我国企业在1998～2008年企业发行的各类债券和银行贷款为研究对象,运用增量法从企业财务特征和债务契约属性等方面对企业增量债务期限的影响因素进行实证研究,采用了GMM计量方法,并通过对比分析筛选出了影响企业发债和贷款期限差异化的关键因素。研究表明:企业规模越大,利润率越高,具备担保,信用评级和授信比率越高,其债务期限越长。企业若选择发债,债务期限会延长,而选择银行贷款则企业债务期限会缩短。

There are a great deal of articles which explain the debt structure theory by balance sheet method. Using the financial data of domestic bonds and loans issued from 1998 to 2008, this paper analyzes incremental corporate debt from the enterprise＇s financial characteristics and attributes of the debt contract. Using a GMM method, this paper empirically studies and compares the decisive factors of the bond and loan＇s maturity. Studies have shown that： the larger firm size, the higher the profit margin, with Guarantee, the higher the credit rating and credit rates, the longer the maturity of debt. If companies choose to issue bonds, it will extend debt maturity, but if companies select bank loans, it will reduce corporate debt maturity.