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论文编号：	14716
作者编号：	2120223639
上传时间：	2024/6/6 20:50:06
中文题目：	社会信用体系建设能否改善企业债务期限结构？
英文题目：	Can the Construction of Social Credit System Improve the Term Structure of Corporate Debt?
指导老师：	梅丹
中文关键字：	社会信用体系建设；企业债务期限结构；信息透明度；代理成本
英文关键字：	Construction of social credit system; Corporate debt maturity structure; Information transparency; Agency cost
中文摘要：	社会信用体系建设是中国政府推动诚信文化建设和促进经济社会发展的重要举措。作为社会信用体系建设的重要内容，社会信用体系建设示范城市改革的主要措施包括优化升级信用信息共享平台、强化信用监管、建立健全社会信用奖惩联动机制、完善社会信用法律法规等，整体来看优化了社会信用环境，实现了社会信用在城市落地生根，其作用举足轻重。 债务期限结构作为债务融资的重要组成部分，深刻影响着企业的日常运营和长远发展。短期债务赋予债权人更大的灵活性进行监控与管理，从而可以有效减少资产替代问题。相比之下，长期债务融资为企业提供了长期的、稳定的资金来源，有助于企业实现其战略目标，促进企业的持续发展和扩张。债务融资短期化现象凸显，债务期限结构的不合理已成为我国企业债务结构的一大突出特点，这种不合理的债务期限结构可能加剧企业的流动性风险，使其面临严重的财务风险。当前，优化债务期限结构，协助企业获取长期融资，已成为实务界和学术界共同瞩目的重大议题。因此，本研究以社会信用体系示范城市建设为切入点，深入探讨了社会信用体系建设对企业债务期限结构产生的影响以及具体的作用机制，揭示了其内在的逻辑关系。这一研究不仅具有理论价值，更对指导企业实践、优化债务结构、防范财务风险具有重要意义。 基于此，本文以 2010－2022 年间中国Ａ股上市公司为研究样本，利用社会信用体系示范城市建设这一准自然实验，构建多期双重差分模型，旨在深入探讨社会信用体系建设如何影响企业债务期限结构，以下为主要研究结论：（1）社会信用体系建设显著改善了企业债务期限结构；（2）提高企业信息透明度和缓解代理冲突是社会信用体系建设改善债务期限结构的两大影响机制；（3）在非国有企业、市场化程度低、独董比例低以及审计质量低的企业中，社会信用体系建设对企业债务期限结构的改善作用更强；（4）本文在经过平行趋势检验、安慰剂检验、PSM-DID、更换被解释变量等分析后，上述结果依然成立。 基于上述发现，本文提出如下建议：（1）中央政府可通过加大宣传、出台激励政策以及加强监督等方式，推动社会信用体系示范城市建设政策在更广泛的区域实施与普及；地方政府可通过加大守信激励和失信惩戒的力度、加强信用信息的宣传和教育等措施，推进地方信用建设。（2）企业应构建并完善信息披露制度，打造公开、透明的信息环境；同时应进一步加强公司治理体系建设，从而有效缓解代理冲突。
英文摘要：	The construction of a social credit system is an important initiative of the Chinese Government to promote the construction of a culture of integrity and to facilitate economic and social development. As an important element of social credit system construction, the main measures of social credit system construction model city reform include optimising and upgrading the credit information sharing platform, strengthening credit supervision, establishing and improving the joint mechanism of social credit rewards and punishments, and perfecting social credit laws and regulations, which, on the whole, optimise the social credit environment and realise the rooting of social credit in the city, which is of great importance. Debt maturity structure, as an important component of debt financing, profoundly affects the day-to-day operations and long-term development of enterprises. Short-term debt gives creditors greater flexibility in monitoring and management, which can effectively reduce asset substitution problems. In contrast, long-term debt financing provides enterprises with a long-term, stable source of funds, which helps them achieve their strategic objectives and promotes their sustainable development and expansion. The phenomenon of short-term debt financing has been highlighted, and the unreasonable debt maturity structure has become a prominent feature of China's corporate debt structure, which may exacerbate the liquidity risk of enterprises and expose them to serious financial risks. At present, optimising the debt maturity structure and assisting enterprises in obtaining long-term financing has become a major issue of concern to both the practical and academic communities. Therefore, this study takes the construction of model cities of social credit system as an entry point, discusses in depth the impact of the construction of social credit system on the debt maturity structure of enterprises as well as the specific mechanism of its role, and reveals its inherent logical relationship. This study is not only of theoretical value, but also of great significance in guiding the practice of enterprises, optimising debt structure and preventing financial risks. Based on this, this paper takes Chinese A-share listed companies as research samples during 2010-2022, and the construction of social credit system demonstration cities as quasi-natural experiments, and constructs a multi-period double-difference model, aiming to deeply explore how the construction of social credit system affects the debt maturity structure of enterprises, and the following are the main conclusions of the research: (1) The construction of social credit system significantly improves the debt maturity structure of enterprises. debt maturity structure; (2) Improving corporate information transparency and mitigating agency conflicts are the two main influence mechanisms of social credit system construction to improve debt maturity structure; (3) The improvement effect of social credit system construction on corporate debt maturity structure is stronger in non-state-owned enterprises, enterprises with low degree of marketisation, low proportion of sole directors and low quality of auditing; (4) The paper is not able to find out the effect of social credit system construction on corporate debt maturity structure after the parallel trend test, placebo test , PSM-DID, replacement of explanatory variables and other analyses, the above results still hold. Based on the above findings, this paper puts forward the following suggestions: (1) The government should actively promote the policy of building model cities for social credit systems; local governments should put credit regulation into practice in the process of promoting local integrity building. (2) Enterprises should construct and improve the information disclosure system to create an open and transparent information environment; and further strengthen the construction of the corporate governance system so as to effectively alleviate agency conflicts.
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