财政分权、制度环境与企业债务期限结构  

Reform of Decentralization,Institutional Environments and Corporate Debt Maturity Structure

作　　者：何威风[1] 

机构地区：[1]中南财经政法大学会计学院

出　　处：《管理学报》2010年第7期1085-1090,1106,共7页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(06BJY015);中南财经政法大学引进人才启动基金资助项目(31140911105)

摘　　要：实证分析了我国财政分权和制度环境对地方政府控制的国有企业债务期限结构的影响。研究结果表明,企业所在地区的财政分权和地方政府行为指数越高,企业长期债务的比重越高;而金融发展水平越高,企业长期债务的比重越低。进一步研究发现,企业所在地区的财政分权程度越高,地方政府行为和地区金融发展水平都有助于企业获得更多的长期借款。上述研究结果说明,财政分权改变了制度环境对企业债务期限结构的影响。This paper tests the effect of reform of decentralization and institutional environments on the debt maturity structure of State-Owned Enterprises controlled by provincial government.The empirical results show that the reform of decentralization and local government intervention at the provincial level is positively related to the debt maturity structure and the financial development is negatively related to the debt maturity structure.Further evidence shows that the reform of decentralization at the provincial level,local government intervention and financial development are helpful for firms to get long-term loans.The results show that reform of decentralization changes the impact of institutional environments on the debt maturity structure.

关 键 词：财政分权 地方政府行为 金融发展 债务期限结构 

分 类 号：C93[经济管理—管理学] F830.91