社会资本对公司债务期限结构的影响——来自中国上市公司的经验证据

The Impact of Social Capital on Debt Maturity Structure——Based on the Empirical Evidence of Listed Companies

本文首先从社会信任、社会组织、社会参与、社会慈善四个维度度量中国各地区社会资本的发展水平,运用因子分析法构建社会资本的综合分数。在此基础上,选取2010-2013年可持续获得相关信息的468家上市公司组成的平衡面板数据为样本,运用固定效应模型和非参数检验方法实证检验社会资本与公司债务期限结构之间的关系。研究发现:社会资本和债务期限结构具有显著的正相关关系,即上市公司所属地区社会资本的发展水平越高,公司债务期限结构越长。

Firstly, this study uses four dimensions to measure the regional social capital levels, including the social trust, social organization, social participation and social charity. We also utilize factor analysis to construct a composite scores of social capital. And on this basis, using the panel data of 468 listed non-financial companies in Shanghai and Shenz- hen Stock Exchanges over the period from 2010 to 2013, the paper empiricially studies the impact of social capital on corporate debt maturity structure with not only fixed-effects mode, but also a series of parameter and non-parameter test. The result in- dicates that the regional social capital is significantly and positively related to corporate debt maturity structure. More specific- ally, listed firms in regions with better social capital development tend to have longer debt maturity.