上市公司债务期限结构及其调整速度影响因素研究

The Influencing Factors of the Debt Maturity Structure and Its Adjustment Speed of Listed Companies

债务融资对于公司的生产、经营和投资产生巨大影响。本文选取2005—2017年沪深A股上市公司数据,运用动态调整模型对我国上市公司债务期限结构及其调整速度的影响因素进行了分析。结果表明,我国上市公司的债务期限结构会围绕其最优债务期限结构进行动态调整,预期通货膨胀率、股权制衡程度、公司成长性、公司规模、杠杆率、非流动资产占比、现金比率、抵押能力、企业性质以及公司所在地市场化程度等各种宏微观因素都会对公司债务期限结构产生一定影响;部分因素如公司规模、公司成长性、公司所在地市场化程度及偏离最优债务期限结构程度等都会对债务期限结构的调整速度产生一定影响。

In this paper, the dynamic adjustment model is used to analyze the influencing factors and the adjustment speed of debt maturity structure of Chinese listed companies. The results show that China s listed companies will dynamically adjust their debt maturity structurearound the optimal level. Expected inflation, equity balance degree, firm growth, firm size, leverage, non-current assets ratio, cash ratio, mortgage ability, enterprise nature, the market index that the company located and other macro factors will have an impact on corporate debt maturity structure. The speed of debt maturity adjustment is affected by firm size, growth, the degree of marketization of the company and the deviation from the optimal level, and there is a significant difference due to time, industry and company size.