企业集团财务公司债务融资的最优期限结构研究

The Optimal Maturity Structure of Debt Financing of Enterprise Group Finance Company

债务融资是企业集团财务公司最主要的融资渠道,构建了财务公司的两阶段投融资模型,通过引入折价损失成本和信用损失成本,刻画了财务公司在发生流动性危机时的流动性成本.探究了同时存在利息成本和流动性成本的情况下财务公司的债务期限结构决策,研究发现长期债务利率、短期债务续借成功率与短期债务占比正相关,短期债务利率、贴现率与短期债务占比负相关,投资决策不影响融资决策.

This paper builds a two-stage investment and financing model of finance companies.By introducing the cost of discount losses and credit losses,it describes the liquidity costs of finance companies in the event of a liquidity crisis.The optimal debt maturity structure of a financial company is explored in the presence of both interest costs and liquidity costs.The study found that the long-term debt interest rate and the success rate of short-term debt renewal are positively related to the proportion of short-term debt,the short-term debt interest rate and discount rate are negatively related to the proportion of short-term debt,and investment decisions do not affect financing decisions.