产业集中度与公司的债务期限结构的非线性关系研究——基于1999-2009年我国上市公司面板数据的研究  

The Nonlinear Relationship Between Industrial Concentration and Company's Debt Maturity——A Study Based on Panel Data of China Listed Companies from 1999 to 2009

作　　者：付雷鸣[1] 万迪昉[1] 张雅慧[1] 

机构地区：[1]西安交通大学管理学院,西安710049

出　　处：《管理评论》2012年第11期139-150,共12页Management Review

基　　金：国家自然科学基金项目(70972101)

摘　　要：本文分析了产业集中度对债务期限结构的影响。以1999年前上市的公司为研究对象,利用这些公司1999-2009年的数据,研究发现产业集中度与公司的债务期限结构为正U型关系,即在集中度较低时,短期负债比例与产业集中度负相关,在集中度较高时,短期负债比例与产业集中度正相关,而且该结果是稳健的。产生上述现象的原因是随着产业集中度的提高,为了降低竞争对手的掠夺行为给公司带来的经营风险,公司会使用更少的短期债务,随着产业集中度的进一步提高,由于政府的干预,竞争对手采取掠夺行为的概率会下降,公司的代理成本会显著上升,为了降低运营的代理成本,公司会倾向于使用更多的短期债务。This paper analyses the impact of industrial concentration on debt maturity. Using firms listed before 1999 as research objects, we collect data of these firms from 1999 to 2009 and find that, industrial concentration and the firm＇s debt maturity have a U- shaped relationship, i.e., when the industry is less concentrated, the short-term debt ratio is negatively correlated with the industrial concentration, while they are positively correlated when the industry is highly concentrated, and the results are robust. The reason why upper phenomenon occurs is as the industrial concentration grows, firms have less short-term debt to prevent the predatory behavior from the competitors. And as the industrial concentration further strengthens, because of government intervention, the probability of competitors applying predatory behavior decreases and the company＇s agency cost significantly increases. Thus the company tends to use more short-term debt to decrease the agency cost of operation.

关 键 词：产业集中度 债务期限结构 掠夺行为 代理成本 

分 类 号：F275[经济管理—企业管理]