债务期限保证作用的传导机制研究  

The Role of Corporate Debt Maturity as Commitment Mechanisms

作　　者：张伟[1] 王海洋[1] 

机构地区：[1]新疆财经大学会计学院,新疆乌鲁木齐830012

出　　处：《经济管理》2013年第7期104-111,共8页Business and Management Journal ( BMJ )

摘　　要：本文以我国上市公司2005年-2011年的数据为样本，以制度理论为基础，实证分析了债务期限保证作用的传导机制。研究发现，企业的投资者保护执行水平与债务期限显著正相关，而地区市场化程度与债务期限显著负相关；债务期限与审计收费显著负相关，而财务杠杆率与审计费用显著正相关。研究结果表明，企业长期负债融资选择以及建立债务期限保证机制的方式取决于企业所处的制度环境和制度的执行机制。在我国市场化程度较低的地区，企业可以通过政府的“他助之手”建立政治关系声誉，为长期负债融资提供保证，但是，企业较低的投资者保护执行水平将减弱政治关系声誉对债务期限的影响。而在市场化程度较高的地区，企业则可以通过“自助之手”建立投资者保护执行声誉来解决长期负债融资问题。从经济后果来看，在我国，市场化程度较低的地区，企业较高的财务杠杆降低了“他助之手”声誉建立债务期限保证机制的经济收益，而在市场化程度较高的地区，企业通过“自助之手”声誉建立的债务期限保证机制和低财务杠杆率的联合作用提高了经济收益。As a governance mechanism to mitigate agency conflicts, corporate debt maturity has become a im- portant topic of discussion among the business community, regulators , and scholars. Sun et al. （2005） find that the Chinese companies can get more long-term loans with government＇s helping hand from the banks in regions with less developed institutions. However, these studies ignore the effect of investor protection enforcement on the corporate debt maturity, and therefore it is hard to explain how Chinese companies obtain long-term loans without the relation of government in regions with more developed institutions. In this paper, we attempt to explore the role of corporate debt maturity as commitment mechanisms and seek to address the following questions. In regions with more devel- oped institutions, through what mechanisms could the Chinese companies make the commitment to good treatment of banks, in order to get long-term loans？ And when they do ,what are economic consequences from the commitment？ Corporate debt maturity is determined by a combination of factors that are related to the characteristics of firm as well as to the institutional environment. Most empirical studies focus on the effect of firm characteristics on the corporate debt maturity and support the different hypotheses such as contracting-cost hypotheses, signaling hypothe- ses. The factors considered in the literature as determinants of corporate debt maturity include asset tangibility, prof- itability, firm size, the market-to-book ratio, corporate taxes, and governance （ see, for example, Titman, 1988 ; Datta et al. ,2005 ; Liu et al. ,2009）. In recent years, there is a growing literature that considers how institutional differ- ences affect corporate debt maturity. For example, Fan et al. （ 2011 ） find that firms operating within legal systems that provide better protection for financial claimants tend to have more long-term debt. While studies in the literature examine the determinants or consequences of corporate debt m

关 键 词：投资者保护执行 债务期限 审计费用 保证机制 

分 类 号：F230[经济管理—会计学]