摘要
目前,资产流动性对债务期限结构的影响在理论上存在很大争议,主要有"正向影响"、"负向影响"和"倒U型影响"三种观点。本文以我国沪深两市A股市场1998-2009年间12110个公司年度观测值为样本,采用资产交易强度衡量资产流动性,实证检验了上述三种观点。结果表明,资产流动性越高的公司债务期限越长,即资产流动性正向影响债务期限结构,支持了较高的资产流动性能够增加公司清算价值从而延长债务期限的经典理论。
At present, the impact of asset liquidity on debt maturity structure in theory is controversial. There are three dominant views： ＂positive effect＂, ＂negative effect＂ and ＂inverted U-shaped effect＂. This paper selects 12,110 firm-year observations in China Shanghai and Shenzhen A-share markets over the period of 2000-2008 as the research sample, uses the intensity of asset transactions to measure asset liquidity, and examines the above three views. The results show that firms with higher asset liquidity have longer debt maturity, that is, asset liquidity positively affects debt maturity structure, which supports the classical theory that higher asset liquidity can increase firm liquidation value and thus prolong debt maturity.
出处
《管理评论》
CSSCI
北大核心
2012年第7期110-116,142,共8页
Management Review
基金
教育部新世纪人才支持计划项目(NCET-07-0309)
国家自然科学基金项目(71172186
71102095)
关键词
资产流动性
债务期限结构
清算价值
资产转移
asset liquidity
debt maturity structure
liquidation value
asset transformation
