负债融资规模、负债期限结构与宏观经济环境——来自中国上市公司经验数据的实证分析  

Debt Financing Scale,Debt Maturity Structure and Macroeconomic Environment——Empirical Research Based on Empirical Data of Listed Companies

作　　者：马红[1] 王元月[2] 

机构地区：[1]中国海洋大学管理学院,山东青岛266100 [2]中国海洋大学经济学院,山东青岛266100

出　　处：《现代财经（天津财经大学学报）》2016年第11期39-51,共13页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：广义虚拟经济研究专项课题(GX2015-1010(Y));教育部人文社科基金项目(11YJA790156)

摘　　要：本文以2001—2015年中国上市公司的经验数据为样本进行实证分析,以期对宏观经济环境作用于我国企业负债融资决策的微观传导途径提供一定的经验证据。研究表明:第一,经济周期的扩张、扩张性货币政策与财政政策、信贷市场发展都能促进我国企业负债融资规模的扩大;第二,经济周期的扩张、扩张性财政政策、信贷市场发展都有利于我国企业长期负债比例的提高,但扩张性货币政策对我国企业负债期限结构的影响并不显著;第三,股票市场发展对我国企业负债融资规模、负债期限结构的影响都不显著;另外,宏观经济环境对我国产权性质不同企业的负债融资规模与负债期限结构所产生的影响存在显著差异。In considering the unique institutional background, this paper studied the impact of macroeconomic environment on debt financing decision of firms in china, and chose two dimensions of scale and maturity structure to describe corporate debt financing decision. Through theoretical analysis, this paper proved the impact of the macroeconomic environment factors （the economic cycle, monetary policy, fiscal policy, the development of credit market and the development of stock market） on debt financing scale and debt maturity structure of China＇s corporate. Meanwhile, this paper, based on the evidence from listed firms in China from 2001 to 2015, confirms the conclusion of theoretical analysis. Further empirical research showed that according to the different property rights, there are obvious differences in the influence of the macroeconomic environment on debt financing scale and debt maturity structure of firms in China.

关 键 词：宏观经济环境 企业投资 产权性质 企业规模 

分 类 号：F832.5[经济管理—金融学]