中国企业债务的期限结构:一些典型事实  

Some Stylized Facts of Firms’ Debt Maturity in China

作　　者：申广军 李靖禹 邹静娴 Shen Guangjun;Li Jingyu;Zou Jingxian(Sun Yat-sen University,Guangahou;Tsinghua University,Beijing;RenminUniversity of China,Beijing)

机构地区：[1]中山大学岭南学院 [2]清华大学五道口金融学院 [3]中国人民大学国家发展与战略研究院

出　　处：《经济社会体制比较》2021年第6期89-101,共13页Comparative Economic & Social Systems

摘　　要：企业的长期融资需求得不到满足,既导致企业"短钱长用",从而增加金融风险,又不利于企业通过长期投资进行转型升级。文章使用中国2000~2017年上市公司数据,通过构建更合理的指标,分析企业债务的期限结构问题。对典型事实的梳理显示,中国企业的长期负债率一直处于较低水平,长期贷款主要流向大型企业;长期负债率因企业所有制、行业特征而存在明显差异。实证分析表明,需求侧特征与供给侧特征均影响企业债务的期限结构。研究结论有助于深入理解中国企业债务期限结构的现实状况,从而为"增加企业中长期融资"的政策目标提供具体施策方向。Firms’ demand for long-term debt is often suppressed in China, which leads to mismatch between the maturities of debt and of asset. Using data on China’s listed companies(2000-2017), this paper studies firms’ debt maturity by constructing new indicators and provides some stylized facts of firms’ debt maturity in China. The ratio of long-term debt is low during the sample period, and large firms have better chances to secure long-term loans. The ratio of long-term debt varies across ownerships and industries, and the findings are robust to alternative measures. Empirical analysis confirms that firms’ debt maturity is determined by both demand-side and supply side features. This study helps understand the debt maturity of Chinese firms, and lends policy implications for improving the financing environment in China.

关 键 词：企业债务 期限结构 长期负债 融资能力 

分 类 号：F275[经济管理—企业管理]