长期负债期限结构、现金持有与股权分置改革  

Long-term Debt Maturity Structure,Cash Holdings and Split-Share Structure Reform

作　　者：戴志敏[1] 楼杰云 周建锋[1] 

机构地区：[1]浙江大学经济学院,浙江杭州310027

出　　处：《浙江大学学报（人文社会科学版）》2016年第2期160-174,共15页Journal of Zhejiang University:Humanities and Social Sciences

基　　金：浙江省科技厅重点软科学研究项目(2012C25077)

摘　　要：随着股权分置改革的基本完成,中国上市公司短期债务融资偏好与高现金持有的现象逐渐缓解,与此同时,长期负债的重要性愈加凸显。而随着长期负债到期,现金持有对缓解流动性风险十分重要。目前国内的债务期限结构研究通常只区分短期负债和长期负债,对长期负债期限结构则鲜有涉及。因此,长期负债期限结构的趋势性变化及其对现金持有的影响路径需要更为细化的研究。经验结果显示,首先,2002—2014年长期负债期限结构呈趋势性上升,长期负债占资产的比重也不断上升;其次,随着长期负债剩余期限的减少,流动性风险增加,现金持有规模也随之增加;最后,股改对中国上市公司债务期限选择及现金持有规模的积极影响也显著地影响了两者的互动关系。The preference of short-term debt financing and high cash holdings have changed gradually for the listed companies in China since the split-share structure reform.Meanwhile,long-term debt plays a more important role in external financing than before.More specifically,the term mismatching of debt and asset have existed for a long time in China,which therefore increases the weight of long-term debt and will improve this situation and reduce mismatching risk.Besides that,based on the prior literature,cash holdings are crucial to preventing liquidity risk when long-term debt comes due,which requires a higher efficiency in capital turnover.The previous studies about debt maturity structure in China mainly distinguish long-term debt from short-term debt.They actually ignore the heterogeneity of long-term debt with different maturities.Thus,it is necessary to further research the trend of long-term debt maturity structure as well as the impact of long-term debt maturity structure on cash holdings.This paper manually collects the data of long-term debt maturity structure,and conducts an empirical research based on 2002-2014 data of Chinese A-share nonfinancial companies which were listed before 2002.Before we do empirical tests,it is important to account for the likelihood that cash holdings and long-term debt maturity structure are endogenously determined.Thus,we use Two-stage Least Squares（2SLS）to investigate the relationship between long-term debt maturity structure and cash holdings,including the impact of split-share structure reform on this relationship.The empirical results show that the weight of long-term debt due after three years has increased monotonously from 23.88%to 30.56% between 2002 to 2004and 2011 to 2014.This phenomenon is conducive to matching the maturity of asset and liability.Meanwhile,the ratio of long-term debt to asset has increased from 5.39%to 11.09% between 2002 to 2004and 2011to2014,and is close to the level of developed counties.We also find that firms with larger scale of long-term de

关 键 词：长期负债 期限结构 现金持有 股权分置改革 上市公司 流动性风险 

分 类 号：F275[经济管理—企业管理]