终极控制股东对债务期限结构选择的影响:来自中国上市公司的经验证据

发布时间：2018-04-04 02:17

本文选题：终极控制股东　切入点：控制权　出处：《南开管理评论》2011年06期

【摘要】：本文结合中国制度背景,从代理成本视角理论推演终极控制股东与债务期限结构之间的关系。采用包含2004—2008年间可连续获得相关信息的1076家在深、沪上市的非金融公司组成的平衡面板数据(总共5380个观察值),在控制相关变量下应用广义最小二乘法(GLS)、参数和非参数检验等方法实证检查终极控制股东对债务期限结构选择的影响。研究发现,终极控制股东确实影响债务期限结构选择。具体而言:(1)终极控制股东控制权高的公司具有显著短的债务期限;(2)终极控制股东控制权和所有权的分离度与债务期限显著负相关;(3)与终极控制股东是家族等非国有公司相比,终极控制股东是国有的公司具有相对多的长期债务。总的来说,本研究提供的经验证据支持这样的论点:"与长期债务相比,短期债务在处理公司治理方面具有比较优势;债务期限的缩短可以减缓终极控制股东与债权人之间的代理冲突,抑制终极控制股东的掠夺行为"。
[Abstract]:Based on the institutional background of China, this paper deduces the relationship between ultimate controlling shareholders and debt maturity structure from the perspective of agency cost.In Shenzhen, 1076 families that had access to the relevant information continuously between 2004 and 2008 were used.Balance panel data of non-financial companies listed in Shanghai (a total of 5,380 observations). The generalized least squares method, parametric and non-parametric tests are used to test the ultimate controlling shareholder's debt period under the control related variables.The influence of limited structure selection.The study found that ultimate controlling shareholders do affect the choice of debt maturity structure.Specifically, the company with high ultimate controlling shareholder control has significantly shorter debt maturity.) the separation of control and ownership of ultimate controlling shareholder is negatively correlated with debt maturity. (3) the ultimate controlling shareholder is a family and other non-state-owned company.The ultimate controlling shareholder is a state-owned company with relatively large long-term debts.In general, the empirical evidence provided in this study supports the argument that "short-term debt has a comparative advantage in dealing with corporate governance over long-term debt;"The shortening of debt maturity can alleviate the agency conflict between ultimate controlling shareholders and creditors and restrain the plundering behavior of ultimate controlling shareholders.
【作者单位】：西南交通大学经济管理学院会计系;
【基金】：教育部人文社会科学研究课题(09XJC630013)、教育部新世纪优秀人才支持计划项目(NCET-10-0666)资助
【分类号】：F275;F832.51;F224

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