新常态背景下债务期限结构和债务工具结构的价值治理效应研究  

Study on the Value Governance Effect of Debt Maturity Structure and Debt Instrument Structure under the New Normal Background

作　　者：杨松令[1] 王志华[1] 吴平 YANG Song-ling;WANG Zhi-hua;WU Ping(College of Economics and Management,Beijing University of Technology,Beijing 100124,China)

机构地区：[1]北京工业大学经济与管理学院

出　　处：《数理统计与管理》2019年第6期1093-1103,共11页Journal of Applied Statistics and Management

基　　金：国家社会科学基金重点项目(13AGL003);国家社会科学基金一般项目(18BGL090)

摘　　要：在供给侧结构性改革的背景下,文章选取2007-2016年我国A股上市公司的平衡面板数据,采用非线性门槛回归和线性固定效应面板检验方法,探讨债务期限结构和债务工具结构的价值治理效应。研究发现,债务工具结构与公司价值线性正相关,但债务期限结构与公司价值之间不是简单的线性关系,而是存在非线性的单一门槛效应。文章认为,上市公司应将债务期限结构控制在合理的范围之内,并充分利用商业信用市场融通资金,相机调整自身债务结构以推动价值提升。Under the background of supply-side structural reform,this paper selects the balanced panel data of A-share listed companies in China from 2007 to 2016,and uses the non-linear threshold regression and linear fixed effect panel test to explore the impact of debt structure on corporate value from two dimensions of debt maturity structure and debt instrument structure.The results show that there is a significant linear positive correlation between debt instrument structure and corporate value,while the effect of debt maturity structure on corporate value is not a simple linear relationship,but a significant single threshold effect.Therefore,the listed companies should keep the debt maturity structure within a reasonable range,make full use of the commercial credit market to finance funds,and adjust the debt structure to drive value enhancement.

关 键 词：供给侧结构性改革 债务期限结构 债务工具结构 价值治理效应 

分 类 号：F231.1[经济管理—会计学] O212[经济管理—国民经济]