上市公司终极控制人性质对债务期限结构的影响研究——基于深证A股数据经验

A Study on Influence of Nature of the Ultimate Controller of Listed Companies on Debt Maturity Structure:Based on Experience of Shenzhen A Shares Data

债务期限结构是上市公司融资结构理论的重要组成部分,对公司的资本结构和经营效率具有重要影响。在影响债务期限结构选择的众多因素中,终极控制人性质是一个重要因素。以2011—2015年深证A股上市公司为样本,采用最小二乘法,探究终极控制人性质是如何影响公司债务期限结构的。结果发现:国有控股的上市公司长期负债率高于非国有控股的上市公司;并且随着公司控股政府行政级别的降低,长期负债率不断提高。

The debt maturity structure is an important part of the listed company＇s financing structure theory,which has an important impact on the company＇s capital structure and operational efficiency.Among the many factors affecting the choice of debt maturity structure,the nature of the ultimate controller is an important factor. Based on the sample of Shenzhen A-share listed companies from 2011 to 2015,this paper uses the method of least-square analysis to explore how the nature of theultimate controller affects the company＇s debt maturity structure. The result shows that the long-term debt ratio of state-controlled listed companies is higher than that of non-state-controlled listed companies,and the long-term debt ratio continues to increase as the administrative level of the controlling corporations is reduced.