我国上市公司债务期限结构研究

摘要

Debt maturity choice is an important field of capital structure theory research. Through analyzing A-share listed companies, it reveals the determinants of debt maturity choice. The model considers debt maturity is simultaneously being chosen with leverage. Based on the empirical research, debt maturity is positively correlated with tangible assets ra-tio, total assets, firm risk factor and money supply increasing rate; and the debt maturity is negatively correlated with growth opportunities, leverage and fiscal expenditure increasing rate. It also finds that sample firms consider match maturi-ty between assets and liabilities in the choice of debt maturity structure. Since the empirical model passes the robustness test, it sounds for the analysis of debt maturity structure of Chinese listed companies.%企业债务期限结构选择问题是资本结构理论研究的重要组成部分。文章通过对我国上市公司年度财务数据的实证分析，从微观上考察了债务期限结构的影响因素。研究发现：有形资产占比、总资产规模、企业风险因素、货币供应量增长率与企业长期债务占比呈正向关系；企业未来增长潜力、负债率、公共财政支出增长率与企业长期债务占比呈负向关系；资产负债期限匹配和信息不对称是影响我国上市公司债务期限的主要原因。从政策层面提高企业长期债务占比的主要方式是：进一步发展债券市场，逐步培育较长期限企业债券的供给和需求市场，形成良性的发展机制；商业银行适当放松长期限贷款的审批条件。