区域金融发展、宏观货币政策与债务期限结构

Regional Financial Development,Macro Monetary Policy and Debt Maturity Structure

尽管学术界很早就开始关注债务期限结构问题,但前期研究主要从企业微观层面来考察债务期限结构的影响因素及其对公司绩效的影响,而很少关注外部宏观经济因素对债务期限结构的影响。以我国2001—2011年A股房地产上市公司为样本,研究了货币政策、区域金融发展与企业债务期限结构的关系。研究结果发现:宏观货币政策和地区金融发展水平对企业债务期限结构的选择具有显著影响;在宽松的货币政策下,企业的短期债务越多,企业的短期债务水平与区域金融发展水平显著正相关;但地区金融发展水平不但没有放大货币政策对债务期限结构的影响,反而削弱了货币政策的影响,从而与货币政策存在替代效应。这有助于从宏观角度认识债务期限结构的决定因素,有助于认识地区金融发展和宏观货币政策对企业债务期限结构的交互影响,从而有助于企业根据货币政策及所在地区的金融发展水平优化企业债务期限结构、降低财务风险,提升企业价值。

Although the academia has focused on the problem of debt maturity structure since very early times, much attention is mainly paid to its impact factors and their influence on corporate performance from the micro level of the company in previous studies while less attention to the impact of external macrooconomic factors on it. With the listed real estate companies in China A shares from 2001 to 2011 as the samples, the paper analyzes the relationship between monetary policy, regional financial development and maturity structure of corporate debt. The result shows that macro monetary policy and regional financial development have a significant positive effect on choice of maturity structure of corporate debt. With loose monetary policy, the more the short-term debt of the company is, the more significant positive correlation the level of company＇ s short-term debt has with that of regional financial development. However, the level of regional financial development does not enlarge the im- pact of monetary policy on maturity structure of debt, conversely reducing the effect of monetary policy which hence leads to substitution effect with monetary policy. This is of help to know the determinants of debt maturity structure from the macro perspective, and the interactive impact of regional financial development and macro mo- netary policy on maturity structure of corporate debt. Correspondingly according to the monetary policy and level of local financial development, the enterprise may optimize maturity structure of corporate debt, reduce the fi-