产权性质、大股东持股比例与债务异质性

Corporate Ownership,the Proportion of Share Holding of Large Shareholder and Debt Heterogeneity in China

以信用债企业为样本，讨论了我国企业的债务异质性特征，并探究了大股东持股比例对企业债务异质性程度的影响，研究发现：我国信用债企业整体债务异质性程度高，但对银行借款的依赖程度较强，债券融资比率呈逐年上升趋势，由于大股东持股比例的增加有助于提高公司信息披露质量，从而拓宽了债务融资渠道，故大股东持股比例与债务异质性程度正相关，但民营企业的大股东更倾向于采用信息欺诈手段来侵占小股东利益.从而削弱了大股东激励效应对信息披露质量的正向影响，故民营企业弱化了大股东持股比例与债务异质性程度的正相关关系.

Based on the companies issuing credit bonds, this paper discusses theheterogeneous debt characteristics and investigates the effects of shareholding ratio of largeshareholders on debt heterogeneity, This paper finds that the credit debt issuing companieshave overall high debt heterogeneity degree but have more dependence on bank loans, Also,the bonds financing ratio is increasingly annually, As the increasing of shareholding ratio oflarge shareholders can improve the information disclosure quality to widen the financingchannel, the shareholding proportion of large shareholders is positively associated with thedegree of debt heterogeneous, However, the large shareholders in private enterprise are moreinclined to use information fraud to encroach on the interests of minority shareholder, thusweakening the positive incentive effect on information disclosure quality, so the relationshipbetween shareholding ratio of large shareholders and the degree of debt heterogeneous isweaker in private enterprises.