产业集中度与公司的债务期限结构的非线性关系研究——基于1999-2009年我国上市公司面板数据的研究

发布时间：2018-06-07 18:31

本文选题：产业集中度 + 债务期限结构　；参考：《管理评论》2012年11期

【摘要】：本文分析了产业集中度对债务期限结构的影响。以1999年前上市的公司为研究对象,利用这些公司1999-2009年的数据,研究发现产业集中度与公司的债务期限结构为正U型关系,即在集中度较低时,短期负债比例与产业集中度负相关,在集中度较高时,短期负债比例与产业集中度正相关,而且该结果是稳健的。产生上述现象的原因是随着产业集中度的提高,为了降低竞争对手的掠夺行为给公司带来的经营风险,公司会使用更少的短期债务,随着产业集中度的进一步提高,由于政府的干预,竞争对手采取掠夺行为的概率会下降,公司的代理成本会显著上升,为了降低运营的代理成本,公司会倾向于使用更多的短期债务。
[Abstract]:This paper analyzes the effect of industrial concentration on debt maturity structure. Taking the listed companies before 1999 as the research object, using the data of these companies from 1999 to 2009, it is found that the relationship between the industrial concentration degree and the debt maturity structure of the company is positive U-type, that is, when the concentration degree is low, The ratio of short-term debt is negatively correlated with the degree of industrial concentration. When the degree of concentration is high, the ratio of short-term debt is positively correlated with the degree of industrial concentration, and the result is robust. The reason for the above phenomenon is that with the increase of industrial concentration, in order to reduce the operating risk brought to the company by the predatory behavior of competitors, the company will use less short-term debt, and with the further increase of industrial concentration, As a result of government intervention, the probability of competitors engaging in predatory behavior will decrease, and the agency cost of the company will rise significantly. In order to reduce the cost of operating agency, the company will tend to use more short-term debt.
【作者单位】：西安交通大学管理学院;
【基金】：国家自然科学基金项目(70972101)
【分类号】：F275;F832.51;F224

【共引文献】