财务公司、资本结构变化与债务成本

Financial Company,Capital Structure Change and the Cost of Debt

从成员企业资本结构属性、期限和单位债务成本三个角度研究了财务公司如何影响集团其他成员企业的债务融资行为。为了得到这三者在不同分位数上的效应差异,实证部分在面板数据的基础上,采用了分位数处理效应模型,包括有条件分位数处理效应和无条件分位数处理效应。研究发现:财务公司使企业负债水平高的更高,低的更低;长期债务比例下降,且比例越高下降越多;单位债务成本降低,且成本水平越低的降幅越大。上述结果表明财务公司可以有效降低同集团成员企业的财务杠杆和融资成本。

From three perspectives, namely, the nature of member the time limit and the cost of debt, the debt member companies is studied. In order to attain the cing by financi effects of three ent quantiles, on the basis of panel data, by use of quantile conditional and unconditional quantile treatment effects, it makes enterprises＇ h debt higher and low level 1 companies ~ capital structure, al company to influence other prospects differences in differ treatment effect model, including the demonstrates that ower~ makes long term debt crease, the higher the ratio, the more decreased~ makes the cost of debt decline, the cost, the more declined. The results show that financial company can effectively reduce cial leverage and the cost of financing of member companies in the same enterprise.