中国上市公司债务期限结构的影响因素研究

发布时间：2018-06-26 04:37

本文选题：债务期限结构 + 公司特征　；参考：《南京财经大学》2012年硕士论文

【摘要】：公司债务期限结构的选择是构成债务融资决策的重要部分。公司利用债务融资时，面临长期债务与短期债务融资方式的选择。债务期限选择理论是要讨论何种债务期限结构安排可以在降低公司的流动性风险的同时可以最大限度地为公司减少财务费用和降低公司总体资本成本进而提升公司的价值。从经验数据来看，由于银行主导的金融格局及公司的股权融资偏好，我国公司债务融资结构存在异象：一是在债务总量结构中，公司债券融资份额偏低，银行借款等负债比重过高；二是在债务期限结构中，我国上市公司债务期限过于短期化，，一些上市公司甚至没有运用长期债务。目前关于债务期限的研究，国内文献大都是从公司内部特征因素中寻找替代变量来解释我国公司债务的期限结构特征和期限选择行为；债务期限结构的度量方法基本上采用长期债务占总债务的比率即资产负债表法；实证研究只是基于简单的线性回归模型。本文立足于国内外现有的债务期限结构理论及相关实证检验结果，结合我国金融市场运行情况与银行间债券市场的发展现状，试图从公司特征和时序特征两个视角挖掘出相关因素如何影响公司债务期限结构，从而为公司优化债务融资结构提供依据。首先，本文回顾了债务期限结构的经典理论及主流实证研究文献。基于这些经典理论假设，运用改进的增量法来度量公司债务期限结构，构建了二元选择Logit模型来分析公司层面特征因素如何影响公司债务期限结构，预期为公司增发债务进行期限结构选择时提供一个具有参考意义的决策模型。然后，以公司债务增量期限结构和债务水平期限结构作为分析对象，通过理论模型分析了债务市场上的缺口填补效应（Gap-Filling Effect）。基于这一理论模型，本文从宏观视角实证分析了公司债务期限和政府债务期限的互补联动关系；接着在实证模型中加入公司特征因子，构建了基于微观和宏观两方面的实证分析框架，这将在理论上丰富我国公司债务期限结构方面的研究。最后，基于本文的两方面的实证研究结论和我国上市公司债务融资短期化、公司偏好银行信贷的现状，针对我国公司债务期限结构如何优化，本文提出了针对性的政策措施。
[Abstract]:The choice of debt maturity structure is an important part of debt financing decision. When companies use debt financing, they face the choice of long-term debt and short-term debt financing. The theory of debt maturity selection is to discuss which debt maturity structure can reduce the liquidity risk of the company and reduce the financial cost and the overall capital cost of the company as well as enhance the value of the company. According to the empirical data, because of the financial structure dominated by banks and the preference of equity financing, there are some anomalies in the structure of corporate debt financing in China: first, in the total debt structure, the share of corporate bond financing is on the low side. Second, in the debt maturity structure, the debt maturity of listed companies in China is too short, and some listed companies do not even use long-term debt. At present, the research on debt maturity, domestic literature mostly from the internal characteristics of the company to find alternative variables to explain our country's corporate debt term structure characteristics and term choice behavior; The measurement of debt maturity structure is basically based on the ratio of long-term debt to total debt, I. E. balance sheet method, and the empirical study is based on a simple linear regression model. Based on the existing theory of debt maturity structure at home and abroad and related empirical test results, this paper combines the operation of financial market and the development of interbank bond market in China. This paper tries to find out how the related factors affect the debt maturity structure from the perspectives of corporate characteristics and temporal characteristics, so as to provide the basis for the optimization of debt financing structure. First of all, this paper reviews the classical theory of debt maturity structure and the mainstream empirical research literature. Based on these classical theoretical assumptions, this paper uses an improved incremental method to measure corporate debt maturity structure, and constructs a binary selective logit model to analyze how corporate debt maturity structure is affected by corporate level characteristic factors. It is expected to provide a reference decision model for the selection of maturity structure. Then, taking the incremental maturity structure of corporate debt and the debt horizontal maturity structure as the analysis object, the Gap-Filling effect in the debt market is analyzed by theoretical model. Based on this theoretical model, this paper empirically analyzes the relationship between corporate debt maturity and government debt maturity from a macro perspective, and then adds a corporate characteristic factor to the empirical model. The empirical analysis framework based on micro and macro aspects is constructed, which will enrich the research of corporate debt maturity structure in China theoretically. Finally, based on the conclusions of this paper and the short-term debt financing of listed companies in China, and the current situation of companies' preference for bank credit, this paper puts forward targeted policies and measures on how to optimize the maturity structure of corporate debt in China.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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