摘要
运用2004年至2016年沪深A股上市公司数据进行实证分析,发现我国跨国经营企业资产负债率总体低于本土企业,但呈现出显著的"短期债务依赖"现象。究其原因,信息不对称是重要的作用机制:与本土经营企业相比,跨国经营企业与资金提供者之间存在更严重的信息不对称,而信息不对称程度越高,跨国经营企业的"短期债务依赖"现象更显著。
With an empirical analysis of the data of Shanghai and Shenzhen A-share listed companies from 2004 to 2016,we find that the leverage ratio of Chinese multinationals is generally lower than that of domestic enterprises but exhibits a statistically significant phenomenon of "short-term debt reliance". The further study suggests that asymmetric information is an important explanatory mechanism for the "short-term debt reliance".Compared to domestic enterprises,MNCs have a higher level of information asymmetry with the fund providers,and the "short-term debt reliance"is much severer when the degree of information asymmetry is higher.
作者
郭桂霞
朱思齐
GUO Guixia;ZHU Siqi(Institute of International Economy,University of International Business and Economics,Beijing 100029)
基金
国家自然科学基金项目“银行微观激励、内生交易对手方风险与我国场外信用衍生品市场的中央清算机制研究”(71673046)
国家社会科学基金重大项目“‘一带一路’投资安全保障体系研究”(19ZDA101)
对外经济贸易大学惠园杰出青年学者项目“中央集中清算对CDS市场交易对手方风险的控制机制研究”(18JQ08)。
关键词
融资结构
短期债务依赖
信息不对称
Financing Structure
Short-term Debt Reliance
Information Asymmetry
