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论文编号：	969
作者编号：	2007166
上传时间：	2009/5/26 16:47:02
中文题目：	我国上市公司债务期限结构及其对
英文题目：	Study on the Debt Maturity Str
指导老师：	黄福广
中文关键字：	债务期限结构;资本结构;公司价值
英文关键字：	Debt Maturity Structure;Capita
中文摘要：	债务融资作为企业融资行为的重要方式之一，越来越多地受到国内外学者的普遍关注。20世纪80年代起，国内外学者开始关注债务结构特征的影响因素，并主要形成了四类假说：契约成本假说、信息不对称假说，期限匹配假说以及税收假说。虽然国内出现了大量基于债务期限结构决定因素的理论研究，但实证研究工作并不完善，学者们只关注对国外某一种理论假说的验证，关于债务期限结构对公司价值影响的研究并不充分，且结论各异。 本文选取我国资本市场沪市A股上市公司2003年至2007年的样本数据资料，采用理论分析和实证检验相结合的方法对我国上市公司债务期限结构的决定因素及其对公司价值的影响进行了研究。本文对于债务期限结构决定因素的研究，不但检验了先行研究中己经予以关注的一些公司特征因素，而且把中国特殊制度环境因素引入到债务期限结构决定因素模型，考察中国转轨经济独特的制度环境对于我国上市公司债务期限结构的影响。同时本文从委托代理理论和不完全契约理论的角度分析了债务期限结构对上市公司市场价值的影响，并对这一影响作用进行了实证检验。我国上市公司债务期限结构决定因素的实证研究结果表明：制度环境因素和公司特征因素均会对公司的债务期限结构产生显著的影响。 本文发现：关于制度环境因素的影响，中国上市公司的股权融资偏好使得上市公司财务杠杆越低，从而导致公司债务期限结构水平也较低；国有股权所占比例高的上市公司其债务期限结构水平也较高。关于公司特征因素的影响，本文发现资产结构显著影响到公司的债务期限结构水平，即固定资产占总资产比例高的公司具有更多的长期借款；公司规模和资产收益率与公司债务期限结构正相关，即规模越大、经营业绩越好的公司，其长期债务比例越高。总资产周转率与债务期限结构显著负相关，即资产周转速度越快的公司越多的运用短期债务。我国上市公司债务期限结构对公司价值影响作用的实证研究结果表明：上市公司债务期限结构对其价值具有显著正向的影响作用。 关键词：债务期限结构； 资本结构；公司价值
英文摘要：	As an important financing way, corporate debt financing has received much attention by scholars. From 1980's, many researchers have engaged in the study what kind of factors influencing debt financing structures, and have come to mainly four hypothesis: agency cost hypothesis, information asymmetry hypothesis, matching period hypothesis and tax hypothesis. However, according to the theory of capital structure, the research on debt financing structure is not enough, and we find it is still a problem worth study. Although there are many of theoretical and empirical research on the determinants of corporate debt maturity structure, scholars pay little attention to the influence of debt maturity structure on corporate value, and get different conclusions. Basing on the samples form year 2003 to year 2007, this paper has examined determinants and consequences of the maturity structure of listed companies' debt in the market of China. In the study of the determinants of debt maturity structure of Chinese companies, this paper not only examines some companies' character factors that other Chinese scholars also paid attention to, but also emphasizes the Chinese institution factors that may influence the determinants of debt maturity structure. At the same time, basing on agency theory and incomplete contract theory, this paper examines whether debt maturity structure influences companies' market value, and provides empirical analysis for these influences. The empirical research on the determinants of debt maturity structure shows that：both institution factors and company's character factors influence the debt maturity structure. About the institution factors, the financial leverage is positively related with the debt maturity structure because of the preferred equity financing,which finally lead to a lower level of the debt structure；companies with the higher of state owned equity have a longer maturity of the debt structure. About company's character factors, the assets structure is positively related with the debt maturity structure, that is, companies with a larger proportion of fixed assets have a longer maturity of the debt structure； corporate size is positively related with the debt maturity structure, that is, large companies have a longer maturity of the debt structure； ROA(return of assets) is positively related with the debt maturity structure, that is, companies with a higher level of ROA have a longer maturity of the debt structure. The assets turnover is negatively related with the debt maturity structure, namely, the higher assets turnover is, the shorter the maturity is. In the analysis of the influence on firm value of corporate debt structure, this paper finds corporate debt structure has a significantly positive influence on firm value. Key Words: Debt Maturity Structure； Capital Structure； Firm Value
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