【作者】 徐斌；

【导师】 刘国亮；

【作者基本信息】 山东大学 ， 国民经济学， 2008， 硕士

【摘要】 债务期限结构是企业财务决策的重要内容,也是资本结构理论研究的重要组成部分。不同期限、不同性质的债务对公司的运营和投资行为具有不可忽略的影响。自20世纪70年代,债务期限结构研究识别了众多影响债务期限选择行为的内生因素,如企业未来成长性的选择权、自由现金流量、信息的不对称程度和实际所得税税率等。然而仅仅使用这些内生因素不能很好的解释债务期限的国别差异,于是,对债务期限结构影响因素的研究开始从对内生因素的关注扩展到基于制度、环境因素的影响分析上。本文认为,金融发展作为公司生存的重要制度环境,对公司债务期限选择具有重要影响。基于此,本文先对债务期限结构的代理成本假说、信息不对称假说、税收和利率假说以及企业融资结构地区差异的相关研究进行了梳理。第三章阐述了金融体系的功能和我国区域金融发展的现状。在此基础上,本文分别从代理成本、信息不对称及金融市场化角度,理论分析了地区金融发展差异对企业债务期限结构选择行为可能产生的影响。本文认为中国金融市场化改革过程中非国有金融机构的发展和竞争,尤其是民间金融发展的不平衡,对我国各地公司的债务期限结构具有重要影响。政府对金融机构业务活动的干预、政府与企业的天然联系以及我国不完善的法律体系也促使我国各地上市公司债务期限偏短。实证部分,本文构造了区域金融发展指标体系,使用因子分析法计算我国各省、市金融发展水平的综合排名。接着,以中国上市公司经验数据为样本,实证分析了我国区域金融发展的不平衡对企业债务期限结构的影响。研究结果表明,我国上市公司所在地金融发展程度越高,其债务期限结构就越短,即公司的短期债务比例越高。因此本文认为,中国上市公司债务期限较短的现状,并非完全由企业自身选择行为的非理性所造成,金融体系的发展及区域差异,使得企业融资行为的理性表现呈现出某些特殊性,债务期限结构表现为短期负债为主。本文实证过程中还对已有债务期限结构理论在我国的适用性进行了验证。结果表明:经验证据对债务期限结构的代理成本假说及资产匹配假说表现出强有力的支持,但债务期限的信号传递假说及自由现金流假说的代理变量没有通过显著性检验。这说明,我国上市公司在进行债务期限选择时,通常更注重债务期限结构在降低代理成本和违约风险方面的作用。更多还原

【Abstract】 Debt maturity holds significant position not only in company’s financial decision, but also in capital structure study. Debt of different maturity can have great influence on a company’s value and investment behavior. Since 1980’s, theory of debt maturity have identified many endogenous factors, such as enterprise growth opportunity, free cash flow, asymmetric information and effective tax rate etc. As these endogenous factors can not perfectly interpret debt maturity disparity among different nations, researchers began to extend their attentions to institution and environment analysis. Financial development, as an important part of institutional factors for firms, is anticipated to have impact on debt maturity in this paper.This dissertation first reviews the existing theory of debt maturity and studies on corporate financing disparity. The next chapter presents the function of finance system and the actual situation of Chinese regional financial development. Based on these theories, we reveal the possible associations between financial disparity and corporate debt maturity structure. Our conclusion indicates that growth and character of non-stated-owned finance institutions, especially the imbalance of civil finance exerts great influence on debt maturity. Interventions in financial activities by government, natural relationship between government and corporations and incomplete legislation cause low debt maturity in our country as well.In the sthenia syndrome part, factor analysis method is applied to calculate comprehensive index which reflects regional financial development of our country. Then we analyze the effects of regional financial disparity on corporate debt maturity on the basis of listed company’s empirical data. It is found that corporate debt maturity is relatively low in regions with a higher developed finance system. This conclusion signifies that debt maturity structure is not completely related to company’s irrational choice behavior, to some extent, it has to comply with the development of regional finance system. Therefore, Chinese listed company holds great proportions of short term debt. This paper also verifies the applicability of existing theory of debt maturity in China. Empirical evidences support the agency cost hypothesis and maturity matching hypothesis. However, the deputy variables of asymmetric information and free cash flow hypothesis can not pass the significance test, which means that Chinese listed companies lay more stress on the contributions of debt maturity structures to reduce agency cost and risks from breaking a contract when they make a financing decision.更多还原