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论文编号：	531
作者编号：	20043108
上传时间：	2008/6/19 10:46:44
中文题目：	我国企业负债期限结构研究
英文题目：	Study on the debt maturity str
指导老师：	齐寅峰
中文关键字：	负债期限;问卷调研;债务融资工具
英文关键字：	Debt maturity;Questionnaire su
中文摘要：	融资问题是公司财务学最重要的问题之一，一直是财务金融界研究的热点。随着研究的深入，有关融资问题的研究从最初的单纯研究负债权益的总体比例，开始向研究负债和权益的具体结构深入，负债期限结构就是其中的一个非常重要的组成部分。现代融资理论基本上都是以发达国家的市场环境为背景进行分析的，由于我国企业所处的融资环境与西方成熟市场经济存在很大差异，企业的融资行为也表现了一些特殊性，近年来关于中国企业的融资问题在国内被广泛研究，但针对负债的期限结构的研究较少，尤其是理论研究更少。因此，中国特有制度背景下企业的负债期限结构的决策与形成是一个非常值得研究的问题。 本文采用“理论推理”和“实证分析”相结合的方法，研究了中国特有背景下企业负债期限的决策及其主要影响因素，本文研究的主要内容及创新包括： 1.在理论研究部分，本文构建了一个基于中国国情的企业负债期限决策模型，该模型考虑了中国的各种制度因素对企业负债期限的影响，提出理论分析的假设条件，通过理论推理分析了企业和银行关于贷款期限的决策行为及最终企业贷款期限的形成。模型考虑了利率管制、银行垄断、政府干预等因素，并引入利率期限结构、管理者控制权收益、管理者与所有者代理冲突等变量，采用理论推导和数值模拟的方法，分析了这些因素和变量的变化对企业负债期限的影响，得出了一系列的结论，发现了影响我国企业负债期限的主要因素及其对企业负债期限的影响机理。 2.在基于问卷调研数据的实证研究中，本文利用国家自然科学基金重点课题“中国企业投融资运作与管理”项目组创建的 “中国企业投融资问卷调研数据库”中的宝贵数据资源，实证研究了我国企业债务融资工具的使用顺序、负债期限决策考虑因素的顺序以及两者之间的相关关系，并比较不同特征企业之间在这些方面存在的差异。本部分采用了多配对样本的Friedman检验、两配对样本的Wilcoxon符号平均秩检验、Gamma等级相关系数检验以及方差分析等多种统计分析方法，充分发掘了问卷数据中的信息。研究结果发现：我国企业短期债务融资工具的使用明显多于长期债务融资工具；企业在决定负债期限时考虑的因素首先也是短期负债的易获得和低成本；企业特征对债务融资工具的使用及决定负债期限时考虑的因素有一定影响，国有企业、上市公司及规模大的企业长期债务融资工具的使用较多，上市公司和非上市公司在负债期限决策时考虑因素存在差别；债务融资工具的使用与负债期限考虑因素之间存在明显的相关性，使用中短期债务多的企业对短期负债的低成本和易获得关注程度更高，而长期债务使用较多的企业对期限匹配的关注程度相对较高。这些结论表明外部环境对中国企业债务融资形成限制，并影响到企业负债期限管理。 3. 基于上市公司公开财务数据的实证研究部分重点研究了融资约束对公司负债期限结构的影响。本部分通过logistic回归构建了企业融资约束的度量模型，度量出每个公司各年的融资约束程度。采用面板数据回归模型研究了融资约束程度变量及其他变量对企业负债期限结构的影响。实证分析的结果发现融资约束与负债期限高度负相关，且随着融资约束程度的增加，财务杠杆、公司质量、资产期限与公司负债期限的相关性会受到削弱，融资约束构成影响公司负债期限的一个重要因素，从而得到融资约束对我国企业负债期限存在影响的证据；本文研究的其他影响企业负债期限的变量包括公司规模、市帐比、公司质量、资产期限、财务杠杆、边际税率等指标，关于这些变量的回归结果表明：期限匹配理论及流动性风险假说得到支持，代理成本理论得到部分支持，信号传递理论和税收理论没有得到支持。
英文摘要：	Financing is one of the significant issues in Corporate Finance, and it has always been a hot topic in the finance field. With the development of the research, studies on Financing has moved from the initial topic—the overall proportion of debt and equity to the specific structure of the debt and equity, of which, debt maturity structure is a very important part. Generally speaking, modern corporate financing theory is based on the marketing conditions of the developed countries. Since there is a big gap between the financing conditions in China and that in the developed countries, Chinese enterprises express different financing behavior. Recently, Chinese corporate financing has been widely studied at home. But there are few studies on the debt maturity structure. The theory study is especially rare. It is a valuable topic to be studied that how the debt maturity structure decision was made under Chinese economic system. In this dissertation, I attempt to study on the strategy of the enterprises debt maturity and the primary factors influencing it under Chinese economic system. The approach of the research is combination of “Rational theoretical model” and “Empirical research”. The following are the main contents and the innovative ideas. 1. In this dissertation, I established a model of the strategy of enterprises debt maturity based on Chinese economic system. The model concerns the influence of Chinese system on debt corporate maturity and puts forward hypothetical conditions in theory. Applying to “Rational theoretical model”, I analyzes the strategy of the loan period of enterprises and banks. The model also concerns interest rate controlling, bank monopolizing, government interfering and so on, and puts forward rate structure, manager’s private benefit of control, conflicts between owner and agent. By applying to approach of the “Theoretical inference ”and “Numerical simulation”, it analyzes the influence these factors have on corporate debt maturity, and draws a series of conclusions about the primary factors that influence enterprises debt maturity and the way they influence it. 2. Based on the precious questionnaire-data of “Chinese corporate investing and financing questionnaire database” established by the project named “Chinese corporate investing and financing management and operating research ” which is one of the key project of NSFC, this dissertation empirically studied the use of debt instruments by Chinese firms and the influence of it on debt maturity. By using several Non-parametric tests, include Friedman test; Wilcoxon test; Gamma coefficient test and using one-way ANVOA, this dissertation makes full use of the valuable data. It investigates the order of debt instruments in using by Chinese enterprises, the order of factors that influences debt maturity decision and the relationship between them, and also elucidates the differences between various enterprises in this aspect, and draws conclusions that short-term debt financing instruments are used more often than long-term ones in Chinese enterprises; when enterprises makes decisions about the debt maturity, short-term loan comes first because of its feasible availability and low cost; the characteristics of enterprises have certain influence on choosing debt financing instruments, as well as debt maturity decision. State-owned enterprises, listed companies and big-scaled companies prefer long-term debt financing instruments. Listed companies and non-listed companies take different factors into accounts in making decisions on debt maturity; there is obviously connection between debt financing instrument and factors influencing debt maturity decision; those enterprises that use medium-term or short-term loans stress on the low cost and availability of short-term debt, while those enterprises that use long-term loans stress on the maturity matching. These conclusions have shown that the exterior background has imposed restrictions on Chinese corporate debt financing, as well as the management of the corporate debt maturity. 3. Based on the public data of listed companies, this dissertation mainly studied the influence that financing constraint has on corporate debt maturity. In this part, a model of measuring degree of corporate financing constraint is established with logistic regression, and it works on each company. By using panel data regression model, I researched the influence of financing constraint and other variable on corporate debt maturity structure. The analyses of empirical results shows that degree of financing constraint and debt maturity are negatively correlated, and with the increased of degree of financing constraint the correlation between financial leverage, the quality of the company, asset maturity and corporate debt maturity will be weakened. It concluded that financing constraint is a significant factor influencing corporate debt maturity. The dissertation also covers other variable influencing corporate debt maturity structure, such as the scale of the company, MV/BV, quality of the company, asset maturity, leverage, marginal tax rate, and so on. The regression results support the maturity matching principle and the liquidation risk hypothesis, and not support the signaling principle and the tax principle; The agency principle are partly supported.
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