公司资产替代、负债率与债务期限

On the Assets Substitution, Dept Ratio and Dept Maturity of Company: an Empirical Study Based on Structural Equations

以中国A股上市公司为样本,利用结构方程组验证了资产替代、负债率与债务期限三者之间的内生性关系:资产替代预期越强,公司所选择的负债率会越高,债务期限会越短,且负债率与债务期限在抑制资产替代方面存在替代作用;反过来,公司选择的负债率越低,债务期限越短,实际发生的资产替代行为会越弱。这说明中国上市公司并不是以最小化资产替代代理成本为目标,而是综合利用负债率和债务期限将其控制在可接受范围内。

Based on the samples of Chinese A-share listed companies,this paper verified the endogenous relationship between asset substitution,debt ratio and debt maturity,using the structural equations.It is shown that the debt ratio increases with the expectation of asset substitution,but this relationship can be weaken by the shortening debt maturity;debt maturity decreased with the expectation of asset substitution.The relationship also can be weaken by the increasing of debt ratio.Lower debt ratio and shorter debt maturity induce the weaker asset sub stitution behavior.The results implied that the Chinese listed companies do not intend to minimize the asset substitution agency costs,but to maintain it within an acceptable range,comprehensively using debt ratio and debt maturity.