制度环境、股权性质与公司债务期限结构——来自我国上市公司的经验证据  

Institutional Environment,Ownership Property and Corporate Debt Maturity Structure——The Empirical Evidence from Listed Companies in China

作　　者：杨兴全[1] 陈跃东[2] 

机构地区：[1]石河子大学经济贸易学院,新疆石河子832003 [2]长江大学工程技术学院,湖北荆州434100

出　　处：《云南财经大学学报》2009年第2期56-64,共9页Journal of Yunnan University of Finance and Economics

基　　金：国家社会科学基金项目(05CJY008)的阶段性成果

摘　　要：市场化进程和公司最终控制人性质对公司债务期限结构的影响是:"政治关系"作为一种声誉机制对公司债务期限结构的选择具有一定影响,随着市场化进程的推进,"政治关系"的声誉机制减弱,市场化进程与长期债务比例负相关。进一步检验发现,政府控制公司的债务期限越长,市场化进程与债务期限结构的负相关性越显著。市场化进程的提高有利于抵押资产价值较低、经营风险较高的公司取得长期性债务融资。The paper investigates the influence of marketization process and the nature of ultimate corporate owners on corporate debt maturity structure. The results show that ＂governmental relation＂, as a reputation mechanism, has certain influence on the choice of corporate debt maturity structure, and with the development of marketization process which weakens the reputation mechanism of ＂governmental relation＂, negative correlation exists between marketization process and long- term debt ratio. Further tests proves that the debt maturity is longer for government controlled companies, and the negative correlation between marketization process and debt maturity structure is more significant in this kind of companies. The improvement of marketization process makes it easier for companies with smaller collateral asset and more business risk to get long-term debt financing.

关 键 词：市场化进程 股权性质 债务期限结构 

分 类 号：F275[经济管理—企业管理]